Private equity firms completed fewer deals but recorded significantly higher transaction values in the third quarter of 2025, according to KPMG’s “Pulse of Private Equity” report. The study found that 4,062 private equity transactions were completed globally, down from 5,070 a year earlier, while total investment rose to $537 billion from $512 billion. In the U.S., deal count declined to 1,791, but total value surged to $300.2 billion, the highest since early 2022. Over the first nine months of 2025, private equity investments reached $827.8 billion, nearing 2024’s total and on pace for a four-year high despite lower deal volumes.
KPMG highlighted that a few large-scale buyouts, including the $55 billion acquisition of Electronic Arts, the $28.2 billion purchase of Air Lease, and the $12.4 billion deal for HR software company Dayforce, were key drivers of this increase.
Don Zambarano, KPMG’s U.S. Sector Leader for Private Equity, stated, “Managing public businesses on a quarter-to-quarter basis while trying to innovate and grow is a real challenge. The ability for these private equity companies to drive value creation is greater than being part of a public entity.” He described the market as showing “resilience” amid uncertainty, noting that firms are focusing on large-scale transformations by taking public companies private. He added that disciplined optimism and pent-up demand for exits could fuel a resurgence in private equity activity in the coming quarter.
