The number of private equity deals in the U.S. totaled 2,263 in the first quarter, down from 2,394 in the fourth quarter, but up from 2,024 in the year-earlier quarter, according to data released April 3 by PitchBook Data.
The estimated total value of those first-quarter deals was about $259.7 billion, up from $208.5 billion in the fourth quarter and up from $190.8 billion in the first quarter of 2024.
In the first quarter of 2025, there were 406 total exits, with total exit value of $194.1 billion, compared with 441 exits ($128.8 billion exit value) in fourth quarter of 2024 and 332 exits ($88.2 billion exit value) in the first quarter of 2024.
“The private equity ecosystem is demonstrating resilience amid evolving policy conditions, even as public markets pivoted from a bullish stance in December to a cautious stance in Q1,” said Kyle Walters and Garrett Hinds, PitchBook private equity analysts in a report accompanying the data. “Despite ongoing uncertainty surrounding tariffs, both PE-backed deal and exit activity remain resilient in Q1, exceeding expectations given recent heightened volatility in public markets.”
Exit activity in the first quarter of 2025 was supported by high-profile initial public offerings, including Venture Global LNG and SailPoint Technologies, “signaling continued confidence to pursue large-scale exits,” the analysts wrote.
In terms of private equity fundraising, $56.9 billion in capital was raised in the first quarter with 80 funds closed, which the analysts described as “sluggish” following the “soft year-end in 2024.” Still, the analysts added: “It is too soon to tell if this trend will persist throughout the year or if there will be any notable fund closings to buoy the asset class.”
Looking at Europe, the first quarter had 2,012 deals with total deal value of €128.5 billion ($139.1 billion), compared with 1,815 deals and total deal value of €105.4 billion in the year-quarter. However, the first quarter of 2025 numbers declined from the fourth quarter of 2024, which saw 2,444 deals and €170.5 billion in total deal value.
Nicolas Moura, PitchBook’s private equity senior analyst, wrote that European private equity activity slowed in the first quarter, falling by double-digits sequentially from what was a very strong fourth quarter.
“Geopolitical uncertainty in the form of trade tariffs is overshadowing the profits of monetary easing,” Moura wrote. “The ECB (European Central Bank) remains on course nonetheless cutting rates twice more in Q1 and we caveat that Q1 2025 was still 22% higher than Q1 2024 in deal value.”
With respect to exit activity, exit counts in Europe totaled 394 in the first quarter, down from 527 in the fourth quarter, but up from 334 in the first quarter of 2024.
Exit deal value totaled €64.4 billion in first quarter of 2025, down from €78.5 billion in fourth quarter of 2024, but up from €52.6 billion in the year-earlier quarter.
“Only five PE-backed public listings in Q1 as we continue to await the reopening of the IPO window,” Moura wrote. “Q1 saw a rotation in public markets, out of the U.S. and into Europe. If this rotation persists, we could see this spill over into private markets in 2025, further decreasing the valuation gap between the U.S. and Europe.”
Looking at global private equity activity, the first quarter saw 4,828 deals, down from 5,515 in the fourth quarter, but up from 4,462 in the year-ago quarter. Deal value totaled $495.2 billion in the first quarter of 2025, up from $462.3 billion in the fourth quarter of 2024 and also up from $354.1 billion in the first quarter of 2024.
Global private equity deal activity continued at its robust pace, remaining at the elevated levels witnessed in 2024, PitchBook noted. Additionally, this dealmaking rebound led to the first quarter of 2025 posting a higher deal value than in each of the previous two years.
“The broader economic uncertainty has cast doubt over public and private markets alike,” wrote Walters and Moura. “Despite all this, private equity is seemingly business as usual, with deal and exit activity showing continued life after a welcomed rebound in activity in 2024.”
Moreover, global private equity exit value has increased four quarters in a row, jumping to $302.4 billion in the latest quarter from $166.3 billion in the first quarter of 2024. Exit count increased to 903 from 820 over that period.
In addition, global private equity fundraising slowed in 2024, and that trend has rolled into 2025. Through the first quarter, funds raised total $88.4 billion, well below the $155 billion to $160 billion figures seen in the first quarters of the prior two years, PitchBook said.
