Private Equity Transactions 2025

We entered 2025 with cautious optimism and a market expecting to see a significant uptick in deal flow following an anaemic period.

A small number of very large transactions did disproportionate work. Mega-deals proliferated, materially inflating total announced value despite only modest growth in deal volumes.

But the report’s conclusion is clear: the recovery was uneven and more fragile than aggregate numbers suggested. Many processes launched, but closure was slower, with several of the largest transactions still pending — leaving a significant share of announced activity unconverted.

And when we look at completed transactions only, the picture changed materially: global deal value contracted year-on-year despite broadly flat volumes, implying widespread average deal size compression.

Against that backdrop, sponsors increasingly turned to the secondary market as a liquidity and portfolio-management tool — a pressure valve in a market where intent was high, but clearing risk at scale remained challenging.

Unmatched Expertise in Private Equity and M&A

What does this mean as we head further in to 2026? In a market where getting deals done matters as much as getting them announced, judgement and sector depth make the difference.

With decades of experience, we partner with private equity firms, infrastructure funds, family offices and corporate acquirers to navigate complexity, seize opportunities and unlock value — from origination and diligence through to value creation and exit.

To discuss our deep sector and topic expertise, and how we can help you achieve growth in 2026 and beyond, email [email protected] or reach out to a member of our team.