2025年三季度澳大利亚市场快照（英）2025

Contents PitchBook Data, Inc. MMarket overview Nizar TarhuniExecutive Vice President of Research andMarket Intelligence CCommentary Paul CondraGlobal Head of Private Markets ResearchKyle StanfordDirector of Research, US Venture CPrivate markets HVC deal activity6 MVC exit activity Institutional Research Group EVC fundraising activity9 Analysis Ansel TanDirector, APAC Private Capitalansel.tan@pitchbook.com VPE exit activity VPE fundraising activity13 Data Charlie FarberManager, Data Analysis VCorporate acquisition activity 14 Oscar AllawayData Analyst pbinstitutionalresearch@pitchbook.com Published on December 2, 2025 Additional country snapshots will be released throughout Q1 2025 South Korea Market SnapshotQ2 2025 Hong Kong Market SnapshotQ2 2025 Singapore Market Snapshot Note: All data in this report is as of September 30,2025,unless noted otherwise. Market overview Commentary With this edition, we update our coverage of Australia. Our Country Snapshot series provides an overview of both macroeconomic and microeconomic trendsin the region, covering various countries across Europe and Asia. We look at how both public and private data points trended in Q3 2025. Market backdrop This challenging liquidity environment is exemplified by fundraising activity.A mere five funds have closed in 2025 to date for a total of $1.2 billion.Capital is scarce and concentrated. Sydney-based AirTree Ventures’ fifthflagship fund alone constituted over half of total AUM value, exemplifying a Australia’s capital markets showed resilience as the Reserve Bank ofAustralia (RBA) held rates steady at 3.6% after easing modestly The benchmark ASX 200 index gained 11.4% year to date, sittingcomfortably within a global equity rally over the year, with severalglobal benchmark indexes notching similarly robust returns.Australia’s equity markets remain underpinned by its superannuationsystem, which stands as a global benchmark for retirement savings Private equity Australia’s PE market continues to recalibrate, displaying signs ofstabilization in 2025 even though recovery remains uneven. Deal activityover 2025 to date has normalized after an outlier year dominated byBlackstone's $16 billion AirTrunk megadeal in 2024. Despite deal counts forQ3 reaching a post-2021 high of 47, full-year activity remains on pace tomatch rather than exceed 2024. Transactions were concentrated ininstitutionally backed assets with defensive earnings and supportiveregulatory or sectoral tailwinds, such as the $2.1 billion take-private ofInsignia Financial by CC Capital and the $1.1 billion deal of agricultural Equity valuations remained elevated, led by the technology, realestate, and communications sectors. As investors rotated towardsectors with stronger structural growth themes, energy and basicmaterials lagged, reflecting lower commodity price momentum amidconcerns over weakening demand from China. On the other hand,equity issuance remained selective. The market recorded 15 listingsYTD, extending a drought that had been prevalent since 2022 and afar cry from 2021 when there were 71 listings in Q4 alone. Of these,onlythreewere PE or VC backed. The most notable public float in2025 so far was in Bain Capital-backed Virgin Australia, the second-largest airline group in the country, which listed at a valuation of Fundraising conditions have remained muted, mirroring broader globalcaution in private markets amid persistent macroeconomic and politicalheadwinds. The constraint is also structural. Total private capital unrealizedportfolio value sat at $23 billion, unchanged from 2024, inhibiting LPs’ability to commit fresh capital, while the sustained buildup of dry powder Venture capital Australia’s venture capital landscape is stabilizing at reduced levels,with dealmaking coming in at $2.1 billion year to date, on track todecline 10% from 2024 figures while remaining well below the high-water marks set in the 2021-2022 cycle. Dealmaking has shifteddecisively and selectively toward the later stages and venture-growthcapital. The concentration of major VC deals in the third quartertoward sectors such as energy transition, advanced hardware, Structurally,Australia’s superannuation fundscontinue to hold the key tolong-term domestic capital formation. Supers’ allocation to private marketshas risen steadily in recent years to approximately 18% as of 2025, thoughstill trailing the 30%-40% typical allocation for US and Canadian pension The VC exit environment remains uneven. Significant transactionsconcluded early in the year included the $500 million buyout ofbusiness analytics platform Phocas Software by Accel-KKR and the$400 million acquisition of electric bus supplier GoZero Group byUnited H2. These deals raised prospects of a resurgence inmomentum, though this ultimately did not sustain into Q3. With 1:“APRA Releases Superannuation Statistics for June 2025,” APRA, August 27, 2025 Private markets Private markets VC deal activit