Private equity, investments and exits resume globally in 2025
During the period, there were 2,907 exits for a total amount of USD 905.2 billion
The private equity industry is showing signs of recovery. The third quarter was the best in 2025 in terms of investment activity, both in terms of aggregate value, which globally is at its highest level since 2021, and in terms of number of deals, at its highest level since 2022. If the trend is projected over the entire year, forecasts indicate that the current one could be the second best year ever, behind only 2021, according to the latest report published by PitchBook.
"The economic uncertainties that characterised the second quarter now seem to have been overcome, thanks to greater clarity on the macroeconomic scenario for the end of 2025 and for 2026. Rate-cutting cycles continue globally, with the United States the latest to join them. New favourable winds are emerging for the market, supporting robust dealmaking activity and setting the stage for an expected pick-up in divestment deals," reads a commentary on the data, which shows globally 15,107 deals since the start of the year with a countervalue of $1,606.3bn, which compares with 19,302 deals in 2024 worth $1,754.4bn.
The exits
Exit transactions are also on the upswing, with the total value already surpassing that of 2024, thanks mainly to large-scale disposals: $905.2 billion compared to $891.2 billion in 2024. However, the number of exits on an annual basis is also up, at 2,907 compared to 3,757 for the previous year as a whole. "The reduction in market uncertainty is prompting more and more sponsors to bring their portfolio companies back to the market, so 2025 is shaping up to be the second consecutive year of growth for global private equity exits," PitchBook notes.
The Collection
On the inflows front, private equity funds continue to decline and 2025 is shaping up to be the second consecutive year of contraction: $309.8 billion was raised in the first nine months of the year, well below the $399 billion in the same period of 2024. Total assets under management at the end of last year amounted to $5.9 trillion, of which $1.6 trillion was in the form of dry powder (capital available but not yet invested) and $4.3 trillion related to investments already made.
Evolution of Industry in Europe
«L’attività di deal di private equity in Europa ha registrato un’accelerazione nel terzo trimestre e ora viaggia su ritmi di crescita annua, grazie all’attenuazione dei timori sui dazi Usa e ai nuovi tagli dei tassi d’interesse che hanno dato nuova linfa agli operatori. Il valore dei deal è aumentato del 25,2% su base trimestrale, mentre il numero di operazioni è cresciuto del 2,5%» commenta Nicolas Moura, senior analyst pe di PitchBook, che aggiunge: «Le exit dell’industria del private equity europea hanno mostrato una forte ripresa nel terzo trimestre, in particolare nel Regno Unito. Si prevede ora una crescita annua a una cifra nel 2025, uno scenario impensabile alla fine del secondo trimestre». Sempre in Europa il valore delle exit è salito dell’80,4% trimestre su trimestre, mentre il numero di exit è aumentato del 22,6%. Nel dettaglio l’attività di Ipo in Europa rimane quasi del tutto assente, con casi emblematici come Klarna, che ha preferito puntare ai mercati Usa. «Questa debo
