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
