Platform LBO and growth equity deals as share of all PE deals

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Growth equity continues to represent a substantial share of PE deals. The strategy made up 21.2% of all PE deals in 2025, rivaling buyout activity, which accounted for 21.3% of the year’s deal count. In Q4, growth equity deal count surpassed buyouts by around 200 basis points despite a 20.4% decline in growth equity activity QoQ. With growth equity check sizes much smaller than buyout check sizes, growth equity’s share of overall PE deal value is always lower. In Q4, the share was 3.8%, up from 8.2% in the prior quarter but still below the five-year average of 11.6%. Growth equity count remains above the previous five-year average of 19.2%, indicating that sponsors continue to see attractive opportunities to invest in minority stakes in companies poised for growth and scale.