PitchBook年二季度建筑与工程报告（英）

INDUSTRY RESEARCHConstruction & Engineering ReportPE trends and investment strategiesREPORT PREVIEWThe full report is available through the PitchBook Platform.Q22025ContentsCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2Q2 2025 Construction & Engineering ReportInstitutional Research GroupAnalysisJim Corridore Senior Research Analyst, Industrials jim.corridore@pitchbook.comDataOscar Allaway Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Chloe Ladwig and Mara PotterPublished on August 26, 2025Executive summary 3PE activity 4Construction & engineering PE ecosystem market map 15Construction & engineering PE investor map 16Q2 2025 timeline 17Construction & engineering PE deal summary 18Segment data 19Construction 20Engineering 22Construction technology 24Q2 2025 Construction & Engineering ReportCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4PE activityAfter a very strong 2024, PE deal activity in the C&E vertical has continued to accelerate. We believe global infrastructure spending remains strong, and reshoring and nearshoring are contributing to increased factory and warehouse construction. Office construction is supported by ongoing return-to-work initiatives, which are driving increased vacancy rates for office spaces. Additionally, construction & engineering is undergoing a digital transformation with many exciting new technologies that can be overlayed onto existing construction projects.Deal activity in both Q2 and the first half of the year was strong. In Q2, there were 339 deals in C&E, with an aggregate deal value of $24.1 billion, up from 289 deals in the previous year’s quarter (an increase of 21%), with a total deal value of $19.9 billion (an increase of 17%). For the first half of the year, the total number of deals was 710, with an aggregate deal value of $47.9 billion, up from 556 deals in the first half of last year (an increase of 28%), with a total deal value of $37.3 billion (also an increase of 28%). On a quarterly basis, C&E deal count has grown for seven consecutive quarters YoY, with the last down quarter occurring in Q3 of 2023.A few of the biggest deals that took place in the first half of 2025 include the July 28, 2025, purchase of Acumatica, a maker of enterprise software for many industries, including construction, by Vista Equity Partners for $2.0 billion; the June 25, 2025, purchase of Landsea Homes, a residential home builder in Dallas, for $1.2 billion by The New Home Company through its sponsor Apollo Global Management; and the May 20, 2025, purchase of BBGI Global Infrastructure by British Columbia Investment Management for $1.4 billion in a public-to-private buyout at 25x revenue and 42x net income.Looking at the three disparate categories we cover in C&E, construction had the most deals thus far in 2025, with 395 deals YTD through June compared to 309 deals in the first half of last year, an increase of 28%. Engineering had 295 deals in the first half of 2025, up 31% from the 225 deals in