Australian private equity trends 2025

Last year, we forecast that Australian private equity (PE) transactions would increase in 2025 compared to 2023 and 2024, driven by a rise in private M&A activity as more sale processes emerged. Early in the year, that prediction seemed uncertain, with domestic PE clients expressing frustration over the lack of attractive sale opportunities, while offshore PE and trade players actively pursued take-private deals.

However, as advisors returned from summer breaks and settled back into the office, several high-quality deals emerged, reigniting interest among PE funds. Momentum has continued to build throughout the second half of the year.

Technology, business services, and financial services - including payments and wealth management platforms - have emerged as the most attractive sectors for PE investment. In contrast, only the most compelling opportunities in consumer and retail are being pursued. Over the past 12 months, EBITDA multiples - particularly in