2026 Perspectives In Private Equity: Transportation

This article is part of the “Perspectives in Private Equity” series.

While private equity investors continue to be attracted to the reliable non-cyclical returns associated with transportation assets, several headwinds over the past 12 months served to dampen M&A activity in the sector in 2025. Freight transportation investments were fewer last year as a result of trade uncertainties and delays in expected rate cuts, both of which fueled a more cautious approach.

As the tariff environment stabilizes, the new policy backdrop has the potential to materially reshape trade flows and supply chains, impacting port activity and putting the spotlight on transportation logistics in the face of U.S. onshoring. While it remains hard to predict how providers will need to reallocate capacity, we do see some refocusing towards sectors with structural growth and pricing power. That means activity remains high in specialized parts of the logistics market, particularly as it relates to