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Chart of the Week
Oct 17, 2025
2 MIN READ

Private equity deal volume rebounds in Q3

New
Private equity deal volume bounced in Q3. Exit volume also has picked up, suggesting the PE flywheel is gaining momentum once again.
authors
Christopher Bole
Christopher Bole
Vice President, Financial Writer
VIEW BIO
Private equity deal activity by quarter
Chart showing private equity quarterly deal value and deal count from Q1 2015 through Q3 2025. During Q3, deal value shows a notable rebound, jumping 28% from Q2 and 38% year over year. Deal count has moved more modestly higher over the same period.
Pitchbook U.S. PE Breakdown, Q3 2025. Figures include estimates for late-reporting and undisclosed values.
  • The rebound in private equity deal volume that many investors expected entering 2025 appeared to have finally taken shape in Q3.
  • PE deal volume surged to $331.1 billion in Q3 2025 (up 28% from Q2 and 38% year over year), driven by the Fed’s September rate cut and expectations for approximately two more cuts by year end.1
  • Both deal and exit activity are gaining momentum. Deal value has increased in five of the past seven quarters, while exit value through Q3 2025 is already 36% above full-year 2024 levels.1
  • As the PE flywheel gains momentum, middle market managers may be key beneficiaries of a post–zero-rate interest policy (ZIRP) world, where returns will likely need to be driven by operational improvements and fundamental growth rather than leverage alone.
contributing authors
Christopher Bole
Christopher Bole
Vice President, Financial Writer
view bio
footnotes + disclosures
  1. Pitchbook U.S. PE Breakdown, Q3 2025. Figure includes estimates for late-reporting and undisclosed values.

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