Download PitchBook’s Report here.
Deals involving GPs as an acquiree or investment target saw record activity in 2024, with 141 deals worth an aggregate deal value of $47.9 billion. The uptick of deal activity rolled into the first few months of 2025, with 28 deals announced or completed worth $5.7 billion. Except for GP stake deals, we track deals targeting GPs that are strategic in nature, meaning that the acquirer is investing its capital from its own balance sheet. By contrast, a GP stakes buyer is investing LP capital out of a fund that has been set up for the express purpose of pursuing a GP stakes strategy. Tracking both allows us to monitor industry consolidation trends and investor interest in owning GP revenue streams as an alpha-generating strategy.
(Past performance is no guarantee of future results.)
Latest news
Software, consumer-related direct lending deals fell in H1'26
The software and technology sector, the second-most-active sector in 2025 at 17% of total deal activity, slid to fifth place in the first half of 2026.
Unconquered Territory
With most of the map still unexplored, there’s room for a sequel.
