2025年第三季度建筑工程报告：私募股权趋势和投资策略

INDUSTRY RESEARCH Construction &Engineering Report PE trends and investment strategies Contents 3 Institutional Research Group Analysis Jim CorridoreSenior Research Analyst, Industrialsjim.corridore@pitchbook.com 20 DataOscar AllawayData Analystpbinstitutionalresearch@pitchbook.com Construction Engineering Publishing Report designed byJosie DoanPublished on November 20, 2025 PE activity The construction & engineering (C&E) sector continued toshow strength in Q3 2025. While deal count fell 9.1% YoY to 319deals (from 351 in Q3 2024), total deal value surged 33.7% to$36.7 billion (up from $27.4 billion). For the first nine monthsof 2025, deal count rose 13.8% to 1,031 deals, and deal valueclimbed 19% to $79.6 billion (up from $66.8 billion). This A few of the biggest deals that took place in the first ninemonths of 2025 include the August $6.5 billion LBO of testand measurement company Spectris by KKR; the $2.3 billionLBO of industrial heat exchangers and HVAC equipmentKelvion by Apollo Global Management, also in August; andthe purchase of Acumatica, a maker of enterprise softwarefor many industries including construction, by Vista Equity Additionally, engineering saw $31.9 billion in deal activity, up16% from $27.4 billion a year ago. Construction technology remains a niche but increasinglystrategic segment within C&E. In the first nine monthsof 2025, the category recorded 33 deals, down from 41in the same period last year. However, deal value surged37% to $4 billion, indicating that investors are prioritizing Deal funding remains robust, and there are still manyfragmented subcategories seeing business combinations.Global infrastructure spending remains strong, and reshoringand nearshoring in North America are contributing to increased Despite its smaller size relative to construction & engineering,the segment’s strong valuation growth signals investor Looking at the three categories we cover in C&E, constructionhad the most deals thus far in 2025, with 577 deals YTD,compared with 492 deals in the first nine months of 2024, anincrease of 17%. Construction had $41.4 billion in deal value, Construction The construction segment recorded 577 deals YTD throughSeptember, up 17% from 492 deals in the same period lastyear. Deal value reached $41.4 billion, a 13% increase from$36.5 billion in 2024. In Q3 alone, construction saw 180 deals, Specialty construction continues to dominate activity withinthe segment. This category, which includes trades such aselectrical, plumbing, HVAC, and roofing, accounted for 408 Among subcategories, facades & exteriors led with 52 deals,surpassing last year’s total of 36. Roofing followed with 51deals, and interiors with 49. Metal & steel fabrication posted 41deals, while HVAC recorded 30. Notably, interiors and HVAC— CONSTRUCTION These trends highlight the strategic rationale for consolidation:Scale enables access to larger contracts and improved margins.Private equity firms can further enhance value by integrating PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Paul CondraGlobal Head of Private Markets Research Additional research Industry research Q2 2025 Analyst Note:Clearing the Air on HVACDownload the reporthere Q2 2025 Construction &Engineering ReportDownload the reporthere Q3 2025 Analyst Note:Deep Dive into ElectricalContracting Q4 2024 Launch Report:Construction & EngineeringDownload the reporthere PitchBook, a Morningstar company ©2025 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, ormechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBookData, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.Nothinghereinshould be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any