Dealmaking Insights 2026 | Helping mid-market business owners plan with intent Read the full report
Australia

Private equity deals

Private equity remains a dominant force in the Australian dealmaking landscape, contributing 17.7% of disclosed deal value, but the market has become more selective. 

Deal volumes remain well below the 2021 peak (85 deals in 2025 compared with 144 in 2021). However, average transaction values have increased sharply, rising to $489 million in 2025 from $318 million in 2024. This reflects a clear shift toward fewer, higher-conviction investments rather than volume-driven activity. 

Sector dynamics reinforce this trend. Over the past decade, Technology has attracted the highest deal volumes (233 transactions), while Industrials has captured the greatest share of total value ($40.3 billion), driven largely by large-scale infrastructure-style transactions. Utilities and Healthcare also demonstrate significant value concentration, with relatively few transactions accounting for outsized aggregate deal values. In 2025, Industrials dominated the private equity landscape, capturing 45% of total deal value. 

Across the market, funds are prioritising businesses with: 

  • Proven and credible management teams 
  • Clear succession planning 
  • Scalable platforms with defensible margins and resilient cash flows 

At the same time, deal structures are evolving. Traditional full buyouts are increasingly giving way to partial acquisitions, earn-outs, continuation vehicles and public-to-private transactions, reflecting valuation discipline and the pressure on funds to deploy record levels of capital. 

Volume and Aggregate value in the Australian Private equity market

What it means for your business

Private equity capital remains abundant, but access is increasingly competitive. For mid-market business owners, this environment rewards quality, preparation and flexibility. 

Mark Calvetti
Partner, Corporate Finance

Tips from our experts

— Many transactions now allow founders to retain equity, stay involved in management and participate in future upside

— Strong governance, management depth and succession planning are now critical value drivers, not optional extras

— Creative deal structures can materially improve outcomes and broaden the pool of potential investors

— Heightened diligence means businesses that prepare early are better positioned to attract interest and shape favourable terms

Looking ahead

Private equity is expected to remain highly active, supported by significant dry powder. While large funds continue to pursue sizeable and listed assets, mid-market private equity buyers remain actively focused on growth platforms, particularly where businesses demonstrate resilience and a clear path to scalable growth.

10-year Australian Private equity breakdown (2016-2025)

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