Core Insights - Private equity dealmakers are completing fewer but larger transactions in 2025, as highlighted in KPMG's third quarter "Pulse of Private Equity" report [1] Global Private Equity Activity - There were 4,062 private equity deals globally in Q3 2025, a decrease from 5,070 in Q3 2024, yet total global private equity investment increased to $537 billion from $512 billion year-over-year [2] - Over the first three quarters of 2025, private equity firms executed transactions worth $827.8 billion, nearing 2024's total and on track to reach a four-year high despite a decline in deal volume [4] U.S. Private Equity Trends - In the U.S., deal count fell to 1,791 in Q3 2025, while deal value rose to $300.2 billion, marking the first time U.S. deal value has exceeded $300 billion since Q1 2022 [3] - The three largest U.S. deals contributing to the surge in value include the $55 billion buyout of Electronic Arts, the $28.2 billion acquisition of Air Lease, and the $12.4 billion purchase of Dayforce, with the EA buyout being the largest leveraged buyout on record [5] Market Resilience and Trends - KPMG's U.S. sector leader for private equity noted the market's resilience despite four consecutive quarters of declining deal volumes, with larger deal sizes pushing overall value beyond historical levels [6] - The trend of taking publicly traded companies private is notable, with the number of public companies in the U.S. decreasing from around 8,000 in 1996 to about 4,000 currently [6] - Private equity investors are capitalizing on the challenges faced by public companies, allowing for large-scale transformations that drive value creation [7]