PitchBook-2024年四季度建筑与工程-私募股权趋势和投资策略（英）

INDUSTRY RESEARCHLaunch Report: Construction & EngineeringPE trends and investment strategiesQ42024REPORT PREVIEWThe full report is available through the PitchBook Platform.ContentsPG 2Q4 2024 Launch Report: Construction & EngineeringInstitutional Research GroupAnalysisJim Corridore Senior Research Analyst, Industrials jim.corridore@pitchbook.comDataNick Zambrano Data Analyst pbinstitutionalresearch@pitchbook.comPublishingReport designed by Chloe LadwigPublished on May 1, 2025Vertical overview3Macroeconomic indicators13Construction & engineering PE investor map19Construction & engineering PE ecosystem market map20Segment data21Construction22Engineering26Construction tech30Notable recent C&E deals33PG 3Q4 2024 Launch Report: Construction & EngineeringVertical overviewPrivate equity activity in the construction & engineering (C&E) sector surged in 2024, fueled by global infrastructure spending, ongoing digital transformation, and the sector’s underlying fragmentation. Deal count across the vertical reached 1,178 transactions—a 34% increase from 2023, with total deal value rising 25% year-over-year to $80.9 billion. All major segments—construction, engineering, and construction tech—posted gains in deal count, with specialty construction and civil/energy seeing the most robust activity. The sector continues to attract private equity interest thanks to its visible cash flows, scalable platforms, and increasing potential for technology-driven margin expansion.Despite strong annual performance, deal activity slowed in Q4 2024 amid rising macroeconomic uncertainty, geopolitical tensions, and tariff-related disruptions. The Trump administration’s sweeping tariff regime, combined with interest rate pressures and a still-evolving return-to-office landscape, has introduced short-term caution across parts of the market—particularly commercial office construction. Still, longer-term demand drivers remain intact. These include rising global investment in energy transition, resilient nonresidential construction pipelines, and growing adoption of digital tools such as building information modeling (BIM), AI-enabled design, and modular building methods.Looking ahead, we expect private equity firms to remain selective but opportunistic—particularly in subsegments where consolidation, platform-building, or tech overlays can drive operational improvements and multiple expansion. Specialty trades, renewable infrastructure, and construction tech platforms are likely to remain areas of focus. With strong global tailwinds and continued innovation reshaping how buildings and infrastructure are designed, built, and managed, the C&E sector is positioned for sustained private capital interest, even amid near-term volatility.Deal activityThe C&E sector continues to draw significant PE interest. In 2024, the sector recorded 1,178 deals—a 34% increase over the 882 deals in 2023. Total deal value reached $80.9 billion—up 25% from $64.6 billion the prior year. This marked a st