2025年四季度后勤报告（英）

Logistics Report PE and VC trends and investment strategies Contents PE and VC activity3 Institutional Research Group Jonathan GeurkinkSenior Research Analyst, Mobility Techand Logisticsjonathan.geurkink@pitchbook.com Logistics PE ecosystem market map14 Logistics PE investor map pbinstitutionalresearch@pitchbook.com Logistics VC ecosystem market map Published on March 3, 2026 Q4 2025 PE timeline Logistics PE deal summary18 Logistics VC deal summary19 PE segment data20 This report introduces our newly combined coverage of VC-based supplychain tech and PE-based transportation & logistics verticals. PE and VC activity PE activity Logistics PE deal activity rebounded dramatically in Q4 2025, following the sharp contraction in Q3 asuncertainty surrounding the imposition of US tariffs in the spring eased. A number of deals that wereput on hold in Q3 likely flowed through into Q4. Tariff uncertainty remains despite a Supreme Courtruling against President Donald Trump imposing tariffs under the International Emergency EconomicPowers Act. Regardless of the ruling, global trade patterns are unlikely to return to prior norms, anddealmakers have moved forward with navigating the new landscape. In Q4, the 53 deals completedreflected a 17.8% sequential increase and a 39.5% YoY increase. Q4 deal value, at $8.7 billion, was up124.7% compared with Q3 and up 19.3% YoY. For 2025, overall deal count was up 8.9% and deal valueincreased 74.1% from the prior year. Across PE segments, air, support activities, and trucking led in deal value for the quarter. SAVE’s $2.5billion buyout/LBO in mid-October was a key deal in the air segment. In the support activities segment,Kinetic Group Holdings completed a $2.6 billion deal in early November. The trucking segment saw themost deals in the quarter with 15 deals, followed by support activities (12) and warehousing (eight).Trucking-segment consolidation continues to build as smaller players get squeezed in the protractedtrucking recession and capital costs mount. We dive deeper into the details in the recently releasedPitchBook analyst noteConsolidation in Trucking. PE exits in Q4 also bounced back from Q3 levels, which had the lowest number of exits in the pastnine years. Q4 exits totaled $7.2 billion across 19 deals, reflecting the highest quarterly exit valuesince Q4 2021. Logistics PE ecosystem market map This market map is an overview of PE-backed companies ranked by total capital raised.The full market map can be viewed on the PitchBook Platform. Logistics PE investor map This investor map is a representative overview of active investors in global buyouts and growth equity. Investors are classified by the size of the fund out of which they primarily invest inlogistics.The full investor map can be viewed on the PitchBook Platform. rate upticks, the market largely remained in a buyer’s environment with pressure on rates and acontinued search for balance between supply and demand as carriers and shippers navigated capacity,geopolitical uncertainty, and evolving global trade patterns. Air In Q4 2025, global air freight volumes remained positive and broadly steady. Demand metor slightly outpaced available capacity on many lanes, keeping rates relatively firm, thoughpressure on spot prices and mixed regional performance reflected subdued macroeconomic andcross-border e-commerce trends. Overall, air cargo activity finished the year with modest growth—roughly low-single-digit increases—and a generally resilient freight market that was not as bad asfeared, even as supply and demand dynamics shifted late in the season. Trucking In Q4, the US trucking freight market saw modest improvement in shipment activity but remainedsubdued overall. Volumes were still below prior-year levels, even as sequential gains showed a slightuptick, and industry capacity continued to contract as carriers exited and regulatory changes tightenedavailable capacity. As a result, spot and contract rates trended modestly higher on a YoY basis amidtighter supply-demand balance—though demand softness kept the overall market cautious ratherthan strong. Rail Rail freight continued to show mixed but resilient performance in the fourth quarter, with some regionsand commodities seeing growth in volumes and intermodal traffic, while other carload categoriesexperienced slight YoY declines, reflecting broader economic variability. Domestic freight networksremained a key logistics backbone, with rail traffic trends indicating ongoing demand for bulk andintermodal services, even as manufacturing activity and certain commodity flows softened latein the year. Pipeline Liquefied natural gas export and expansion continue to grow. Meanwhile, power demand fromdatacenters is driving the expansion of natural gas pipeline networks. Gas turbine orders for datacenterpower demand face significant backlogs. Marine Freight forwarding In Q4, marine freight was characterized by persistent overcapacity and subdued