2026年一季度建筑与工程报告（英）2026

Construction &Engineering Report PE trends and investment strategies Contents PE activity3 Institutional Research Group Construction & engineering PE ecosystem market map17 Jim CorridoreLead Research Analyst, Industrialsjim.corridore@pitchbook.com Construction & engineering PE investor map Oscar Allaway Senior Data Analystpbinstitutionalresearch@pitchbook.comPublished on June 5, 2026 Q1 2026 timeline Construction & engineering PE deal summary Segment data Construction Engineering Construction technology29 References30 PE activity Key takeaways •Q1 2026 saw an estimated 501 deals, the highest quarterly total on record and up 32.2% from Q12025. Deal value of $24.4 billion pulled back from a strong H2 2025 but was still up 12.4% YoY. •Exit activity was strong, with 58 exits producing $9.5 billion in value, more than doubleQ1 2025’s $3.6 billion. •The biggest deals and exits of the quarter shared a common thread: grid modernization, cleanenergy construction, and utility services. Electrical contracting posted its highest single-quarterdeal value on record, and civil energy deal count rose YoY. •Record deal counts show sponsors are not sitting on the sidelines despite tariff and oilprice volatility. Instead, diligence has gotten more rigorous, with price escalation clauses,wider cost contingencies, and deeper supply chain scrutiny becoming standard in specialtyconstruction deals. •Specialty construction led all subcategories in deal count, with HVAC remaining active despitestretched valuations and electrical standing out as the quarter’s most dynamic subcategory.Engineering, project management, and testing/inspection businesses attracted the most interestgiven their recurring revenue profiles. Construction & engineering PE ecosystem market map This market map is an overview of PE-backed companies ranked by total capital raised.Click to view the full map 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 investin construction & engineering. Construction The construction segment had an estimated 251 deals in Q1 2026, up 13.1% from 222 in Q1 2025. Dealvalue of $11.3 billion was down 9.6% from Q1 2025’s $12.5 billion. Q4 2025 and Q3 2025 remain thestrongest recent quarters for construction deal value at $16.6 billion and $20.3 billion, respectively. Ona TTM basis, the construction segment continues to run at an elevated pace with estimated deal countof 881 versus 736 a year ago, an increase of 19.7%. Specialty construction retained its position as the dominant subcategory with 115 deals in Q1 2026.The fragmented nature of the market continues to be the primary draw for PE: Plumbing, electrical,interiors, metal fabrication, concrete, and roofing are all categories where a handful of platformacquisitions followed by disciplined add-ons can build scale, cut back-office costs, and improvepurchasing leverage in ways that translate directly into EBITDA growth. There are well-known levers PEcan pull here, which is why the space keeps attracting new capital. Within specialty construction, HVAC remained the strongest space with 34 deals and a deal value of$1.5 billion, which averages out to roughly $44.1 million per deal. Notably, deal count was up sharplyYoY (+240%) and QoQ (+21.4%), but deal values were down from Q4 as average transaction sizesdipped. This space continues to be resilient despite our conversations with PE leaders, which indicatetrouble sourcing deals due to elevated valuations. Electrical was another standout subcategory in Q1 with an estimated 19 deals and $853 million indeal value. This is the highest single-quarter deal value for the electrical subcategory in our dataset.We attribute this growth to a combination of grid expansion, datacenter build-out, and the broaderelectrification of commercial and industrial facilities. Interiors fell sharply to an estimated two deals,consistent with the correction we have been tracking in that space since its peak activity in 2024. References 13:“Monthly Construction Spending, March 2026,” US Census Bureau, May 7, 2026.14:“Employment Situation News Release: March 2026,” US Bureau of Labor Statistics, April 3, 2026.15:“GDP (Advance Estimate), 1st Quarter 2026,” BEA, April30, 2026.16:“US Consumer Confidence Edged Up Again in April,” PR Newswire, April28, 2026.17:“Producer Price Indexes,” US Bureau of Labor Statistics, n.d., accessed May26, 2026.18:“Job Openings and Labor Turnover Survey,” US Bureau of Labor Statistics, n.d., accessed May26, 2026.19:“Getting America Back to Work,” Kastle, May12, 2026. 1:“I Squared Capital Acquires Ramudden Global, a Leader in Traffic Management and Infrastructure Safety,”BusinessWire, January 7, 2026.2:“Triton to sell Ramudden Global to I Squared Capital,” Triton, January 7, 2026.3:“Leidos to Acquire Power Desi