S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
Private equity deal value remains on track for a significant year-over-year improvement in 2025.
The transaction value of private equity- and venture capital-backed deals totaled $633 billion globally through the first three quarters of 2025, 24% higher than the same period in 2024, according to S&P Global Market Intelligence data. Global transaction value in the third quarter alone totaled $258.52 billion, up 43% from $181.34 billion in the prior-year period.
Fewer, larger deals continue to shape the narrative for private equity in 2025. Investment committees remain focused on premium assets able to power through macroeconomic uncertainty.
In September, private equity and venture capital firms announced 13 deals with transaction values of at least $1 billion. Two of these were megadeals with transaction values exceeding $5 billion.
Read more about private equity- and venture capital-backed entry activity in the third quarter.
CHART OF THE WEEK: Private equity-backed funding round value dipped in September
⮞ The value of venture capital- and private equity-backed funding rounds announced in September reached $31.19 billion globally, down 8% from the prior-month total of $33.82 billion, according to Market Intelligence data.
⮞ The number of funding rounds reached 1,352 in September, the highest monthly total since March.
⮞ Private equity and venture capital firms invested $289.21 billion globally in rounds of funding this year through Sept. 30, a higher total for the first nine months of the year than was recorded in either 2024 or 2023.
TOP DEALS
– A consortium of investors led by Advent International LP and Corvex Management LP agreed to acquire Heidrick & Struggles International Inc., a global leadership advisory firm. The all-cash transaction values Heidrick & Struggles' equity at approximately $1.3 billion.
– Ares Management Corp., through its Ares Infrastructure Opportunities fund, acquired a 49% stake in a renewable energy asset portfolio from EDP Renováveis SA. The portfolio includes 1,632 MW of capacity across solar, wind and storage assets in four US power markets. The total estimated enterprise value for the entire portfolio amounts to roughly $2.9 billion.
– Apollo Global Management Inc.-managed funds agreed to acquire Eagle Creek Renewable Energy LLC, an independent owner and operator of hydroelectric facilities across the US.
TOP FUNDRAISING
– Bain Capital LP raised about $14 billion in total commitments for Bain Capital Fund XIV LP. Bain's private equity team invests in consumer, healthcare, industrial, services and technology companies.
– Ares raised approximately $5.3 billion for its infrastructure secondaries strategy, inclusive of the final closing of its latest dedicated fund, Ares Secondaries Infrastructure Solutions Fund III, general partner commitments and affiliated vehicles. The fund seeks to invest in private infrastructure assets through flexible secondary solutions.
– Energy Impact Partners LP raised $1.36 billion at the final close of its third flagship fund. The vehicle will invest in the energy sector.
– Northlane Capital Partners LLC closed its third private equity fund, Northlane Capital Partners III LP, at its hard cap of $750 million. The private equity firm invests in niche subsectors within healthcare and business services.
MIDDLE-MARKET HIGHLIGHTS
– Lee Equity Partners LLC is investing in specialty managing general agent Arcadian Risk Capital Ltd. As part of the transaction, SiriusPoint Ltd. will sell its 49% stake in the company. Oppenheimer & Co. is serving as exclusive financial adviser to Arcadian, with Willkie Farr & Gallagher LLP as legal counsel. Insurance Advisory Partners LLC is exclusive financial adviser to Lee Equity, and Ropes & Gray LLP is acting as legal counsel. Jefferies LLC is financial adviser to SiriusPoint, with Skadden Arps Slate Meagher & Flom LLP as legal counsel.
– Mountaingate Capital Management LP acquired business-to-business growth services agency Walker Sands Inc. from Stone-Goff Partners. Canaccord Genuity served as financial adviser to Stone-Goff and Walker Sands, and Fredrikson & Byron PA acted as legal counsel. Hogan Lovells was legal counsel to Mountaingate.
– Wynnchurch Capital LP announced the sale of sootblower designer and manufacturer Clyde Industries. Lincoln International LLC was financial adviser to Wynnchurch, and Foley & Lardner LLP acted as legal counsel.
FOCUS ON: SURGING PRIVATE ASSET FUND VALUE
The total value of private asset funds hit an all-time high of $14.05 trillion globally at the start of September, an increase of 9.6% since the start of the year, according to an analysis published by fund services provider Ocorian.
Global private equity fund assets accounted for 71% of that total, with a combined value of $9.92 trillion, according to Ocorian. The company's analysis also included infrastructure, debt and real estate funds.
Ocorian projected that the total value of private asset funds will increase about 70% over the next five years, reaching $23.9 trillion by 2030. Private equity fund assets are expected to drive most of that growth, with the global value forecast to hit $17.4 trillion by 2030.
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For further private equity deals, read our latest "In Play" report, which looks at potential private equity-backed M&A, including rumored transactions, each week.
For private debt news, see our latest private debt newsletter issued twice per month.
