2025年四季度建筑与工程报告（英）

Construction &Engineering Report PE trends and investment strategies Contents PE activity3 Institutional Research Group Construction & engineering PE ecosystem market map16 Jim CorridoreLead Research Analyst, Industrialsjim.corridore@pitchbook.com Construction & engineering PE investor map pbinstitutionalresearch@pitchbook.com Q4 2025 timeline Published on March 13, 2026 Construction & engineering PE deal summary Segment data20 Construction21 Engineering23 Construction technology25 PE activity PE deal activity in Q4 and full year shows strong YoY growth Q4 PE deal activity in construction & engineering (C&E) saw an estimated 458 deals, growing a strong64.6% YoY. This represents a record for deal count in any quarter in our dataset, which goes back to2018. The deal value of $23.2 billion was 28.9% higher than last year. Versus Q3, the vertical saw a19.1% growth in estimated deal count (from 384 deals in Q3), but a 38.5% drop in deal value ($37.7billion in deal value in Q3). We note that Q3 of 2025 was an extremely strong quarter in terms of dealvalue and was the second-strongest quarter in our dataset. We use estimated deals since there is a lagbetween when deals take place and when they are reported. PitchBook used a proprietary algorithm,which has been tested to be extremely accurate, to estimate deals that have not yet been reported.Looking at actual reported deals, not estimates, there were 319 deals in construction & engineering inQ4, up 14.7% from a year ago. We think PE activity in construction & engineering is being driven by several trends. First, infrastructurespending, including the rise of datacenters, is fueling robust activity, and PE wants to invest in spacesexperiencing strong secular growth. There are a great deal of design, engineering, and other activitiesthat go into these spaces before a single shovel is moved. Once activities get started, site work,electrification and plumbing, and cement and other specialty activities get a boost. Commercial andresidential construction are both seeing strong growth as well. Many of these subcategories are highlyfragmented, and PE can step in with platform building and add-ons that grow the size and scale toallow for efficiencies in purchasing, supply chain, and back-end costs. These businesses can be scaledto grow EBITDA and garner a higher valuation before exit. Construction & engineering 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. Construction & engineering PE investor map 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 inconstruction & engineering. Engineering The engineering space has been red-hot, with a 37% increase in deal activity in Q4 YoY, with 137 dealsvs. 100 in last year’s Q4. Q3 deal count was down 10.7% YoY. In terms of deal value, the quarter had$8.7 billion in deals, up 41.1% from $6.2 billion in value a year earlier. Similar to the construction space,specialty engineering is getting the most deal activity, with 78 deals in Q4, up 62.5% from the 48 thattook place a year earlier. Deal value in specialty engineering was $3.9 billion, up 83.8% from $2.1 billiona year earlier. Nizar TarhuniExecutive Vice President of Research and Market Intelligence PitchBook providesactionable insights acrossthe global capital markets. Paul CondraGlobal Head of Private Markets Research Report created by: Additional research: Jim CorridoreLead Industrials Analyst Q3 2025 Analyst Note:Deep Dive into ElectricalContractingDownload the reporthere 2026 Industry PE Outlook:Strategic Themes in aSector-by-Sector View Oscar AllawaySenior Data Analyst Download the reporthere Megan WoodardSenior Graphic Designer PitchBook Insightsis an online compendium of in-depth data, news, analysis, and perspectives thatshape the private capital markets. Jenna O’MalleySenior Graphic Designer PitchBook subscribers enjoy exclusive access to a comprehensive suite of private market insights,including proprietary research, news, data, tools, and more on thePitchBook platform. Learn more aboutPitchBook’s Institutional Research team. COPYRIGHT © 2026 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by anymeans—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, butaccuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation tobuy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain a