Americas

The US continued to attract the lion’s share of PE investment in the Americas — accounting for $827.8 billion of the total raised in the region as of the end of Q3’25 and 6,014 of the deals. In comparison, Canada saw $50.1 billion in PE investment across 418 deals in the first three quarters of the year, while the rest of the Americas attracted $41 billion across 206 deals.

Mirroring the general investment trend, the US accounted for nine out of ten of the largest PE deals in the Americas during Q3’25, led by the take privates of Electronic Arts ($54.6 billion), Air Lease ($28.2 billion), and Dayforce ($12.4 billion). A $4.2 billion recapitalization deal by Canada-based Green Infrastructure Partners was the one non-US deal to make the list.

After plummeting to a seven-quarter low of $7.9 billion in Q4’25, driven primarily by rapidly shifting uncertainties related to US tariffs, PE investment in Canada bounced back to $16.3 billion in Q3’25 — a total consistent with the $15.5 billion seen in Q3’24. Over the course of the quarter, PE investors in Canada gained some confidence that market conditions were stabilizing, which led to greater conviction to do deals — particularly large deals. The rising confidence also led to an uptick in sellers bringing their PE-owned assets to market — suggesting a growing belief in their ability to attract fair value for their assets.

Actions by the Canadian government are also helping to inject confidence into the PE investment environment in Canada. Over the past quarter, the federal government has shown an increasing commitment towards improving alignment across key stakeholders in order to drive investment in areas like infrastructure and energy. The government’s efforts and initiatives could spark increasing PE investment over time.

Geopolitical tensions and ongoing uncertainties related to US tariffs continued to dampen activity across the PE market in Latin America during Q3’25, particularly in countries with high US export volumes like Brazil and Mexico. Much of the PE activity in Latin America during the quarter was driven primarily by local PE funds. These deals — at very modest deal sizes — primarily focused on the domestic logistics and transportation sectors. Fintech was one sector that showed some resilience in the eyes of foreign PE investors during Q3’25, with some making small or minority investments in the space.