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Third Quarter 2025 Update
Private Equity Quarterly Report
Copyright © 2025 Holland & Knight LLP. All Rights Reserved.
Private Equity Quarterly Report | Third Quarter 2025 Update Holland & Knight’s Private Equity Quarterly Report provides a clear, data-driven view of the current market, offering both a snapshot of today’s transaction landscape and a meaningful comparison against year-over-year performance. Drawing on the Firm’s quarterly deal volume, as well as sector activity and structural trends, this report highlights where momentum is building and shifting, and what these developments may signal for investors, sponsors, lenders and other market participants. Whether you are actively sourcing opportunities or refining your investment outlook, our analysis is designed to equip you with actionable insights into the dynamics shaping private equity deal flow in the year ahead.
Holland & Knight Year-to-Date Private Equity Deal Activity
274
187 Buy-Side
Total Transactions
$16.9B
$60.7M
60
120
Total Value of Transactions
87 Sell-Side
Average Transaction Value
By Deal Type (YTD) Add-On Acquisitions (144) Dispositions (74) Platform Acquisitions (25) Platform Exits (20) Growth Equity (11) 0
20
40
80
100
50
60
140
160
90
100
By Industry (YTD) Healthcare (86) Industrials (80) National Security and Defense (27) Consumer Discretionary/Staples (27) Financials (22) Information Technology (21) Communication Services (7) Materials (2) Energy & Utilities (2) 0
10
20
30
40
70
80
Copyright © 2025 Holland & Knight LLP. All Rights Reserved.
Private Equity Quarterly Report, Q3 2025
Year-over-Year Trends Deal Value (in billions)
Deal Count 140 120 100 80 60 40 20 0
$6.00 $5.00 $4.00 $3.00 $2.00 $1.00 Q1
Q2 2023
2024
Q3
$0.00
2025
Q1 2023
Average Deal Value (in millions) $70.00 $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00
Q2 2024
Q3 2025
Deal Type 100 80 60 40 20
Q1 2023
Q2 2024
Q3 2025
0
Q1 Q1 Q1 '23 '24 '25 Add-on Acquisition
Q2 Q2 Q2 '23 '24 '25
Q3 Q3 Q3 '23 '24 '25
Platform Acquisition
Platform Exit
Select Representative Clients
For more information, contact your regular Holland & Knight attorney or our Client Relations and Opportunities team at CRO@hklaw.com. To learn more about our Private Equity Practice, visit hklaw.com/privateequity.
Copyright © 2025 Holland & Knight LLP. All Rights Reserved.