United States

During Q2’25, the US accounted for $202 billion of proposed PE deployment across 1,608 deals — a decline from $264.5 billion across 2,039 deals in Q1’25. The decline in deal volume was even more marked next to Q2’24, when the US saw 2,154 deals and $221.3 billion in investment.

US attracts seven out of ten largest PE deals quarterly

Despite the decline in announced and completed PE deals, the US continued to account for a large share of PE deal activity globally, attracting seven of the ten largest deals this quarter, including Blackstone Infrastructure’s $11.5 billion buyout of TXNM Energy, Thoma Bravo’s buyout of Boeing’s Digital Aviation Solutions Business for $10.5 billion (which included the $6 billion buyout of Boeing’s flight software technology business Jeppesen by Thoma Bravo), 3G’s $9.4 billion take private of Skechers USA, the $9 billion buyout of Colonial Pipeline by Brookfield Infrastructure Partners, the $4.5 billion buyout of Intel’s majority stake in Altera by Silver Lake, and the $4.4 billion buyout of Wells Fargo’s rail assets to a joint venture including Brookfield Infrastructure and railcar lessor GATX corporation.¹

Amid trade uncertainty, US PE activity still high but few investors willing to commit

Q2’25 began with the announcement of Liberation Day tariffs in the US, which sparked off a period of significant uncertainty in the market as both companies and investors looked to understand where trade policies might go, how they might land in the end, and how they might affect supply chains and business activities over the long term. Despite this uncertainty, the US continued to see significant book activity from PE investors during the quarter, but much of this activity did not extend to deal commitments or signings as investors showed a preference to wait and see whether and how the tariff situation would shake out.

Energy remains big ticket sector for PE investors in the US

Energy attracted significant attention from PE investors in the US in Q2’25, led by the $11.5 billion buyout of clean energy infrastructure firm TXNM Energy by Blackstone Infrastructure and the $9 billion buyout of fuel transportation infrastructure company Colonial Pipeline by Brookstone Infrastructure. While sustainability and ESG has seen some downward momentum in the US, energy and energy transition companies have continued to see robust interest given the projected demand for energy, particularly to fuel AI innovations and endeavors.

PE exits in US strengthen considerably

In the first half of 2025, PE exits rebounded quite considerably, with $318.97 billion in exit value — more than was seen in both 2022 and 2023, and already nearing the $373.1 billion seen during 2024. The number of exits in the US remained relatively muted — at 476 at midyear, compared to 1,302 in 2024; this highlights larger exit values and a focus on high-quality assets. Growth came across the board in terms of exit types, with IPO exit value at the end of Q2’25 almost double 2024’s annual total, with $91.6 billion compared to $47.9 billion. Corporate and strategic acquisitions were also very strong, with $154.9 billion at the end of Q2’25, compared to $205.1 billion in 2024, as were secondary and sponsor-to-sponsor buyouts — which stood at $72.5 billion at midyear, as compared to $120.1 billion seen during 2024.

Infrastructure funding well ahead of last three years, driven by interest in AI

The infrastructure sector in the US has had significant traction with PE investors so far in 2025; at midyear, investment in the space stood at $31 billion — well ahead of totals seen in recent years, and within reach of 2021’s record year, which saw $65.9 billion in investment. AI has driven strong interest in the infrastructure space, with many US-based PEs looking at opportunities related to AI infrastructure, including data centers and digitalization. This will likely continue to drive traction in the space for some time to come given the incredible focus on AI development in the US and the need for infrastructure to support such plays.

Trends to watch for in Q3’25

Interest in dealmaking by PE funds in the US is expected to remain quite robust, although deal numbers could remain subdued until the trade environment settles and becomes more predictable. Infrastructure, energy and healthtech will likely remain the most resilient sectors of investment given their primarily regional focus. Exit activity is expected to keep growing in Q3’25, driven both by the opening of the exit window — particularly for high-quality assets — and by investors pushing PE firms to exit investments and provide returns.

While there has been a noticeable trend towards partial ownership in recent quarters in order to better drive value creation for specific assets, as the exit environment in the US continues to improve, interest in these types of deals will likely shrink. This is because many PE firms will likely prioritize a possible exit to get out of an investment so that they can start anew rather than try and work collaboratively with a partner to improve the value of assets that have been underperforming.