S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.
Near-record levels of dry powder and premium valuations for prime assets have put private equity-backed megadeals on course for an all-time high in 2025.
A total of US$145.33 billion was invested across a dozen private equity-backed megadeals between Jan. 1 and Aug. 18, according to S&P Global Market Intelligence data. With more than four months of dealmaking left on the calendar, the value of private equity-backed megadeals is nearing the record total of US$230.29 billion set in 2021.
One factor in the surge is high valuation multiples placed on some of the largest buyout targets. Fund managers are demonstrating a willingness to pay up for large, stable companies with cash flows that can withstand tariffs and macroeconomic turbulence.
And they have the cash to do it. While global private equity dry powder has declined from its 2023 peak, uncommitted capital remained at a substantial US$2.5 trillion as of June 30. The top 25 firms controlled US$210.71 billion, or 8.4%, of the total.
Read more about the increasing trend of private equity-backed megadeals.
CHART OF THE WEEK: Measuring US private equity penetration
⮞ California has the highest proportion of private equity- and venture capital-backed enterprises among the 50 US states, with 24,228 out of 347,564 companies receiving private capital, for a penetration rate of 6.97%, according to Market Intelligence data.
⮞ Massachusetts came in second with a private equity penetration rate of 6.11%, followed by Utah at 4.98%.
⮞ States with a concentration of companies in high-growth sectors, including technology, renewable energy, life sciences, healthcare and logistics, tend to attract more private equity and venture capital investments, Don Zambarano, KPMG US private equity sector leader, told Market Intelligence.
TOP DEALS
– Thoma Bravo LP agreed to acquire human resources technology company Dayforce Inc. in an all-cash deal valued at US$12.3 billion. Under the terms of the take-private deal, Dayforce shareholders will receive US$70 per share in cash, representing a 32% premium over Dayforce's closing stock price Aug. 15.
– Clayton Dubilier & Rice LLC and American Securities LLC agreed to sell construction materials distributor Foundation Building Materials Inc. to Lowe's Cos. Inc. for a cash consideration of about US$8.8 billion.
– Advent International LP offered to acquire Swiss semiconductor company U-blox Holding AG for CHF135 per share in cash, representing a 53% premium to the company's average share price for the last six months. The offer values U-blox at about CHF1.05 billion.
– KKR & Co. Inc. is set to acquire SK Ecoplant Co. Ltd.'s full stake in its waste management unit and a 75% stake in its water treatment subsidiary, The Korea Herald reported Aug. 19, citing industry sources. The deal values the two subsidiaries at about 1.7 trillion South Korean won.
TOP FUNDRAISING
– PPC Investment Partners LP, doing business as Pritzker Private Capital, raised US$3.4 billion at the final close of PPC IV LP, exceeding the fund's US$3 billion target. The firm invests in the manufactured products and services sectors. William Blair and GrovePeak were placement agents for the vehicle, while Kirkland & Ellis was the firm's legal counsel.
– Curewell Capital secured US$535 million at the close of Curewell Capital I LP fund. The firm invests in middle-market healthcare companies.
– Haven Capital Partners raised US$375 million at the close of its inaugural fund, surpassing the initial target of US$300 million. The firm invests in lower-middle-market businesses in the technology services, healthcare and education industries.
– Veteran Ventures Capital LLC raised US$60 million for VVC Veterans Fund II LP at final close. The firm invests in national security technology companies.
MIDDLE-MARKET HIGHLIGHTS
– Core Industrial Partners LLC invested in facility maintenance companies IMMEC LLC and IMMEC Machine & Welding LLC. Winston & Strawn LLP provided legal advice to Core on the transaction.
– Thompson Street Capital Manager LLC, doing business as Thompson Street Capital Partners, and Cequel III LLC closed the sale of datacenter technology company DDC Solutions to Daikin Applied Americas Inc. Lincoln International was Thompson Street and Cequel's financial adviser on the transaction, while Seyfarth Shaw provided legal counsel.
– Audax Management Co. LLC agreed to sell industrial cable company TPC Engineering Holdings LLC (Trexon) to Amphenol Corp. William Blair & Co. LLC and Guggenheim Securities LLC were Audax's financial advisers on the deal, and Kirkland & Ellis LLP and Fredrikson & Byron were its legal advisers.
FOCUS ON: PRIVATE EQUITY GROWTH IN AUSTRALIA
The private equity market in Australia is expected to grow to US$48.5 billion in 2033 from US$22 billion in 2024 as big investment groups, particularly pension funds, invest more capital in the asset class, market research company Imarc Group said in a report.
Other growth drivers in the country include stable interest rates, government changes to improve business conditions, and more investment opportunities in technology, healthcare and climate action.
Excluding the announced US$23.86 billion acquisition of Santos Ltd. by The Carlyle Group Inc., Abu Dhabi Developmental Holding Co. PJSC and XRG PJSC, private equity- and venture capital-backed investments in Australia reached US$7.25 billion in 2025 through Aug. 21, according to Market Intelligence data. The deal value totaled US$3.62 billion in the same period in 2024.
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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.
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