PitchBook-2025年二季度建筑与工程报告（英）-2025_10页_7mb

Executive Summary:
The Construction & Engineering (C&E) vertical is experiencing heightened Private Equity (PE) activity, driven by strong infrastructure spending, ongoing global projects, and industry fragmentation. Deal volume and value in Q2 2025 and the first half of 2025 (YTD H1) have significantly increased compared to the same periods last year, with Construction leading in both metrics YTD, followed by Engineering. Platform deals and add-ons are prevalent, and specialty segments within both construction and engineering are particularly attractive, featuring growth in areas like advisory services, project management, and specific trades (e.g., exteriors, roofing,facades/_exteriors, metal fabrication) due to their fragmented nature and potential for scale.

Key Highlights:

• Overall PE Activity (Q2 2025): 339 deals with $24.1 billion in value, representing a ~21% deal count increase and ~13% value increase quarter-over-quarter.

• Overall PE Activity (YTD H1 2025): 710 deals with $47.9 billion in value, showing a substantial 28% increase in both deals and value compared to YTD H1 2024. It holds a larger share of total PE activity than in Q2 2024.

• Top Subsectors (Activity):

  • Construction: Overall deals (711 YTD) and value ($49.3B YTD) increased significantly. Specialty Construction (395 deals, $25.5B value YTD) leads, with sub-segments like facades/exteriors (36 deals YTD), Roofing (30 deals YTD), and Metal/fabrication (30 deals YTD) seeing strong activity.
  • Engineering: 295 deals ($21.3B value) YTD, showing strong growth (+31% deals, +41% value). Specialty Engineering is favored, particularly Advisory Services (+35 deals YTD) and Project Management (+26 deals YTD).

• Deal Types: Platform deals (+421 deals, $21.9B) and add-on deals (+172 deals, $4.7B) dominate, sometimes exceeding the activity in Construction Technology despite VC/PE investment driving growth there.

• Drivers: Strong infrastructure spending (reshoring/nearshoring contributing to warehouse construction), increased demand for office space from return-to-work initiatives, and the fragmentation of services within C&E creating opportunities for consolidation via PE. The industry's resilience, partly due to ongoing projects with existing momentum and funding, provides stability less affected by peak uncertainty seen in other industrial sectors.