Private equity and venture capital deal value nudges down in January

Global private equity and venture capital transaction value totaled $35.28 billion in January, down slightly compared with January 2024, according to S&P Global Market Intelligence data.

A handful more deals were struck — 1,127 compared with 1,121 deals in January 2024.

The US and Canada's 353 deals accounted for $19.31 billion of the total.

Deal volume in Asia-Pacific increased 12.4% compared with January 2024, to a total of 497, while transaction value increased 11.3%.

European deal value totaled $8.59 billion, a year-over-year decline.

– Download a spreadsheet with data covered in the story. – Read about Asia-focused private equity fundraising. – Explore more private equity coverage.

Technology, media and telecommunications (TMT) led global private equity and venture capital transactions with 367 deals, and within the sector application software was the most invested segment, with 167 deals.

Top deals in January

Bain Capital Pvt. Equity LP's, the private equity arm of Bain Capital LP, proposed acquire of the remaining 60.7% shares in surgical facilities provider Surgery Partners Inc. for $6.96 billion was the largest deal announced in January. Bain and its affiliates already hold about 39% of Surgery Partners' common stock.

The second largest was KKR & Co. Inc. and Public Sector Pension Investment Board's announced acquisition of a 19.9% stake in AEP Ohio Transmission Co. Inc. and AEP Indiana Michigan Transmission Co. from American Electric Power Co. Inc. for $2.82 billion. The transaction should complete in the second half of 2025.

Outlook

Private equity deal activity is expected to improve in 2025, with an investment rebound already evident in the latter half of 2024, according to Scott Voss, managing director at HarbourVest Partners LLC. Private deal deal making momentum should continue in 2025, according to Scott Nuttall, co-CEO of KKR.