Americas

The US attracted many of the largest announced PE deals in the Americas in Q4’25, led by three public-to-private transactions: the $18.3 billion take private of Hologic by Blackstone and TPG,¹ the $12.1 billion take private of Sealed Air by CD&R,² and the take private of Clearwater Analytics by an investor group led by Permira and Warburg Pincus.³ Brazil attracted the largest deal outside of the US — the $3.3 billion acquisition of aesthetic medical device company Medsystems by South Korea-based, Bain Capital-backed Classys.⁴

After rising to a record high of $76.2 billion in 2024, PE investment in Canada fell off slightly in 2025 — although the $63.7 billion in PE funding remained high compared to historical norms despite deal volume falling to 596 — the lowest level since 2020. Building momentum was a key theme throughout the year, with increasing confidence in the market, growing deal activity, and larger deal sizes. Canada has also seen growing interest and participation in the PE market, including by large corporates and Middle Eastern sovereign wealth funds.

While the PE market in Latin America was a bit rocky in 2025, investors in the region have long been accustomed to managing high-interest rate environments, foreign currency fluctuations, and inflation. As such, investors in the region were not as tentative as those in jurisdictions less used to challenging market dynamics. Q4’25 saw increasing PE dealmaking in the region, driven primarily by interest in sectors like infrastructure and natural resources. Telecom infrastructure was of particular interest to PE investors, especially given the rapidly growing demand for AI capabilities. Jurisdictions like Brazil and Argentina have also encouraged foreign investment in the infrastructure space through improved regulations and incentives.