2025年美国私募股权发展势头报告：美国经济主要领域私募股权交易与退出比较

US Private EquityMomentum Report A comparison of PE deals and exits across majorareas of the US economy INDUSTRY RESEARCH Institutional Research Group 2025 US Private EquityMomentum Report James UlanDirector of Research, Emerging Technologyjames.ulan@pitchbook.com pbinstitutionalresearch@pitchbook.comPublished on January 7, 2026 A comparison of PE deals and exits across major areas of the US economy Contents Key takeaways2PE deal activity by vertical4PE deal activity by segment6PE exit activity by vertical10PE exit activity by segment12PE exit/investment ratio by vertical15PE exit/investment ratio by segment17Most active investment banks by segment21Most active PE firms by segment25 Key takeaways •We wrote this report for generalist PE buyout firms to address two main workflows: (1) determining where PEinvestment activity is accelerating and declining so that teams can better target deal-sourcing efforts, and (2)identifying the most active bankers and PE firms to contact for deal sourcing and diligence. •This report covers PE deal and exit activity in the following verticals: aerospace & defense, construction &engineering, consumer retail & services, healthcare services, healthcare IT, transportation & logistics, and food &beverage CPG. PitchBook clients can read in-depth quarterly reports on each vertical on the PitchBook Platform. •We annualized the first three quarters of 2025 deal and exit activity to better compare the year’s figures withprior-year data. PE deal activity •Construction was the most improved vertical in terms of deal value in 2025 relative to the 2022-2024 period,reaching an estimated $31.4 billion, steadily rising from 2021’s $24.4 billion and the 2022-2024 average of $26.4billion. 2025 engineering deal value was also strong, while healthcare IT deal value gained momentum. PE exit activity •Thanks to a $60 billion IPO exit, construction exit value surged to an estimated $92.1 billion in 2025, more thantripling 2024’s $27.9 billion figure. Engineering exit value similarly swelled to an estimated $9.2 billion in 2025 from a$3.5 billion 2022-2024 average. Consumer retail & services also saw strength, reaching an estimated $53 billion, upfrom a $40.8 billion 2022-2024 average. •Exit value in healthcare services remained low, though healthcare IT exit value made a comeback. Transportation &logistics exit value remained depressed. PE exit/investment ratio •Overall, exits remained muted in 2025; however, a select few segments saw strong exit values relative toprior investments, specifically construction, generalist & multispecialty providers, fresh-food CPG, andcommercial aerospace. •Segments within transportation & logistics saw significant declines in exit value relative to prior investments, alongwith certain segments of healthcare IT and healthcare services. These include virtual & remote care, analytics &value-based care, and skilled care & behavioral health. PE dealactivityby vertical •Construction was the most improvedvertical in terms of deal value in 2025relative to the 2022-2024 period at anestimated $31.4 billion, steadily rising from2021’s $24.4 billion and the 2022-2024average of $26.4 billion. •Engineering investment was strong at anestimated $20.9 billion versus the 2021-2024 average of $18.5 billion. •Healthcare IT PE investment gainedmomentum, rising from 2023’s low of $15.4billion to an estimated $33.8 billion in 2025. PE dealactivityby segment Biggest gainers We looked at which segments within ourgreater verticals saw the biggest increasesin PE investment in 2025 relative to the priorthree years. Large segments that saw significant growthinclude ancillary & outsourced services (+87%)within healthcare services, clinical informationsystems (+77%) within healthcare IT, andconsumer discretionary (+62%) within consumerretail & services. Smaller segments that saw strong growth includemarine (+852%) within transportation & logistics,construction tech (+518%) within construction,and freight forwarding (+93%) and transportationsoftware (+77%) within transportation & logistics. Biggest decliners Large segments seeing significant declines ininvestment in 2025 relative to their 2022-2024average include consumer staples (-50%) inconsumer retail & services; physician practicemanagement companies (PPMs) (-50%)within healthcare services; shelf-stable foodconsumer packaged goods (CPG) (-77%) withinfood & beverage CPG; and defense (-76%)and airlines (-34%), both within aerospace& defense. PE exit activityby vertical •Thanks to a $60 billion IPO exit,construction exit value surged to anestimated $92.1 billion in 2025, morethan tripling 2024’s $27.9 billion figure.Engineering exit value similarly swelled,reaching an estimated $9.2 billion in 2025,up from $6.2 billion in 2024. Consumerretail & services exit value was strong,reaching an estimated $53 billion, upfrom $50.4 billion in 2024 and $39.6billion in 2023. •Healthcare services exit value remainedflat rela