2025年第二季度全球私募股权脉搏报告

A KPMG quarterly analysis of global private equity activity. July 2025 kpmg.com/PulseofPE KPMG. Make the Difference. Welcomemessage by Thomas Bravo, and the $9.4 billion take private ofSketchers USA by 3G Capital. Welcome to the second edition of KPMG’sPulse ofPrivate Equity. OurPulse of Private Equityseries provides you withquarterly insights into the private equity market globally andin major regions around the world. Our unique methodologygoes beyond buyouts to capture the full gamut of major PEdeals activity; we also share perspectives into the marketfactors influencing key investment trends and look at howkey trends might evolve over time. The EMA region attracted $117.4 billion in investmentacross 1,669 deals during Q2’25 — as compared to$136.6 billion across 1,850 deals in Q1’25. The UK washome to the two largest deals in the region during thequarter, led by a proposed $5.1 billion take private ofUK-based Spectris by Advent International* — as wellas a $3.1 billion buyout of OSTTRA Group by KKR. We’re definitely seeing a shift in PE investmenttowards regional and domestic-focusedcompanies given the inability to predict fromday-to-day how the tariff wars are going to playout but there will always be big deals thatcome through. Private equity isn’t going tomiss out on truly world-class global assets ifthey become available. PE investment in the ASPAC region reached $20.8 billionduring Q2’25, along with a decline in PE deals from282 to 220 quarter-over-quarter. The largest deal of thequarter was the $2.5 billion sale of Australia-based AveoGroup by Brookfield to a consortium of acquirers, followedby the $1.8 billion acquisition of Macquarie Management’sUS and Europe-based investment businesses byJapan-based Nomura. In Q2 2025, global private equity activity remained cautiousamid ongoing geopolitical uncertainty and unclear tradeand tariff policies. While deal activity appeared solid,especially in the US — many investors hesitated to finalizetransactions, preferring to wait for greater clarity around UStariff developments. Gavin GeminderGlobal Head of Private EquityKPMG International Globally, private equity deal volume declined from 4,527 inQ1 2025 to 3,769 in Q2 — the lowest level since Q3 2020.Total PE investment also dropped quarter-over-quarter,falling from $505.3 billion to $363.7 billion. At a sector level, technology, media and telecom (TMT)continued to lead global private equity investment in H12025, attracting $247.2 billion. However, despite itsdominance, the sector is tracking well behind its 2024investment pace. Industrial manufacturing followedwith $132.4 billion, and energy and natural resourcessecured $107 billion. Infrastructure and transport drew$74.4 billion — already over three-quarters of the$95.4 billion it attracted in all of 2024. The Americas attracted 59 percent of the global PEinvestment total during Q2’25 ($214 billion) and just under47 percent of all PE deals (1,771). Of this total, the USaccounted for $202 billion of PE investment across1,608 deals, including the $11.5 billion buyout of TXNMEnergy by Blackstone Infrastructure, the $10.5 billionbuyout of the Digital Aviation Solutions Business of Boeing Welcomemessage While some major sectors lagged behindprior-year totals, others showed more optimisticmomentum. Life sciences was a standout, withmid-year investment reaching $6.9 billion,surpassing the full-year 2024 total of $4.2 billion.Healthcare also performed strongly, attracting$79.3 billion compared to $141.6 billion for all oflast year. Energy, infrastructure and cleantechare also on track to exceed 2024 levels. Incontrast, the automotive sector saw a sharpdecline, drawing just $12.3 billion in H1 2025versus $39.8 billion for all of 2024. In this quarter’s edition of thePulse of Private Equity, we examine these and a number of other global and regionaltrends, including: The increase inexit value globally,including fromIPO exits The resilienceof energy,infrastructureand healthtech The continuedcaution of investorsgiven current tradeuncertainties The strong focuson high-qualityassets We hope you find this edition of thePulse of Private Equityinsightful. If you would like to discuss any of the results inmore detail, please contact a KPMG professional in your area. Contents Abouttheauthors Tilman Ost Glenn MinceyUS Head ofPrivate EquityKPMG in the US Gavin GeminderGlobal Head ofPrivate EquityKPMG International AndrewThompsonAsia Pacific Headof Private EquityKPMG in Singapore Global Private EquityAdvisory Leader,KPMG International,EMA Head of Private EquityKPMG in Germany Gavin is the Global Head of PrivateEquity at KPMG International and USPE Advisory Leader. Over his nearly30-year career, he has worked inLondon, Hong Kong (SAR), China andthe US, giving him extensiveexperience in the private equity spaceglobally. At KPMG, Gavin is responsiblefor driving the KPMG firm’s privateequity strategy. Gavin previouslyserved as the Lead Partner for KKR