私募股权交易2025

OC&C deal activity at a glance 2025at a glance WE ENTERED 2025 WITH CAUTIOUS OPTIMISM AND AMARKET EXPECTING TO SEE A SIGNIFICANT UPTICK IN DPI had been at its lowest period for decades andLPs were, and continued to be, getting restlessas a lack of liquidity was hampering the abilityto re-invest in new funds, driving a challengingfundraising environment across the board. Thatoptimism faded somewhat in H1 when the Private The headline numbers show a market thateventually came to order and it’s easy to claima full return to form, as indeed many have, but therecovery has been uneven and more fragile thanaggregate numbers suggest. In reality, this uplift This value-over-volume dynamic is mostpronounced in North America, where headlinegrowth reflects scale rather than breadth, whileEurope’s recovery remains more volume-led. A small number of very large transactions aredoing disproportionate work.Mega-deals(16 announced in 2025 vs 10 in 2024) haveproliferated, materially inflating total announcedvalue despite only modest growth in deal This gap between intent and execution is centralto the current cycle.When the lens is narrowedto completed transactions only, the picturechanges materially: global deal value contracts In effect, secondaries have become a pressurevalve for a market where intent is high, but clearing Sector performance reflects this selectivity.Capital has concentrated into a small number of areas where cashflows, assets or pricingpower are easier to underwrite at scale – mostnotably Consumer & Retail and Energy & NaturalResources, where completed deal value hasincreased despite lower or stable volumes.By contrast, Technology, Media and BusinessServices have seen sharp value compression, Funds are active and willing to test the market,but deals are clearing only where valuation, riskallocation and value-creation logic are tightlyaligned. This selectivity is visible across regions Alongside weaker primary deal conversion,sponsors are increasingly turning to the secondarymarket as a liquidity and portfolio-managementtool.While completed primary deal value has fallensharply year-on-year, secondary transactions havegrown both in absolute value and as a share of Taken together, 2025 looks less like a clean return to pre-2022 conditions and more like a transitionalyear:appetite is back, processes are active and capital is available, but deployment is disciplined, The year ahead Looking ahead we retain our cautious optimism, albeitwith a new mantra of “once bitten, twice shy”. Absentnew macro shocks, conditions are certainly in placefor a stronger cycle – but that is a big ask and the realityis that future geopolitical shocks could dramatically alter B2B | Services THE YEAR AHEAD 2025 AT A GLANCE The B2B sector entered 2025 with a cautiously improvingsentiment after two years of constrained dealmakingdriven by elevated rates, valuation uncertainty andgeopolitical volatility. Deal flow remained below the2021–22 peak but improved meaningfully relativeto 2023–24. Sponsors were more willing to transact, Looking ahead to 2026, the B2B landscape is expectedto offer a healthier and more predictable environment •Professional Services Continued Momentum 2026 is shaping up to be an even hotter year forProfessional Services. We see an increasing proliferationof the buy-and-build thesis across legal, accounting,and advisory firms, with growing activity in maturemarkets like the UK and US, and early consolidation •Processes remained largely selective to high qualityassets. Predictable growth, recurring revenues,less competitive tension and resiliency againstmacro-economic events were all traits that buyerswere especially interested in seeing in assets coming •Focus on Construction & InfrastructureInvestor interest is expected to deepen in segments supporting large-scale renewal and energy transitionprogrammes. Engineering, infrastructure services,installation & renovation, and electricity infrastructure •AI and Tech-enabled ModelsContinued adoption of AI, automation and data- driven workflows is expected to reshape industries,with investors prioritising businesses that have a clearstrategy around their use of AI and technology.AI can be an opportunity or a threat to business •Investor focus centred on long-term structuralthemes that drive growth across B2B. The EnergyTransition accelerated investment into technologiesand services supporting electrification, gridmodernisation and efficiency improvement. •Corporate Carve-outsLarge organisations are likely to accelerate portfolio simplification, divesting non-core units to improvefocus and performance. This will create a healthy •While activity was relatively strong across the B2Bspace, specific subsegments experienced more dealactivity than others. Professional services especiallysaw a surge in activity related to legal, accounting •Resilience to Macro ShocksInvestors will place greater emphasis on business models that can absorb volatilit