2025-05-13-PitchBook-2024年四季度建筑与工程-私募股权趋势和投资策略（英）_15页_11mb

报告摘要

Strong 2024 Performance: C&E PE deal activity surged by 34% in 2024 (1,178 transactions vs. 882 in 2023) with value rising 25% to $80.9 billion.
Q4 2024 Slowdown: Deal count (-22% YoQ) and value (-42% YoQ) declined in Q4 amid macro uncertainty, US presidential election outcomes, and tariff disruptions influenced PE decisions.
Continued Investment Appeal: Resilient drivers include global infrastructure spending, digital transformation, and tech-enabled margin expansion, positioning the sector for sustained private capital interest.

Specialty Construction: Led all segments with 467 deals in 2024 (+27% YoY) and $25.5B value, benefiting from fragmentation and potential for horizontal/vertical consolidation.
Civil/Construction Technology: Notable focus on trade tech, AI-enabled design, modular building, and infrastructure solutions for efficiency and scaling opportunities.
Civil/Energy: Strong growth driven by global infrastructure initiatives (e.g., US IIJA), but delayed disbursement and trade disputes create uncertainty.

PE Strategy: Firms are opportunistic, targeting fragmented markets (especially specialty construction and components) to enable operational improvements and tech overlays.
Exit Activity: 2024 saw sharp exits (146 deals, +36% YoY) worth $40.8B (+82% YoY), reflecting strong liquidity in the sector.

Economic Volatility: Rising interests rates and macro uncertainty hurt investment activity particularly in commercial office construction.
Trade Tariff Disruptions: Unpredictable US tariffs have increased supply chain risks and operational costs, challenging long-term planning and new investments.

Digital Transformation: AI, digital twins, cloud platforms, and IoT are reshaping design, build, and management workflows for greater efficiency and consolidation opportunity.
Infrastructure Spending: Nations globally increasing allocation to green and digital infrastructure (e.g., EU €750B, US IIJA) underpin growth in renewable and core civil infrastructure.

North America/Europe: Key regions with moderate to high growth potential in C&E (e.g., EU growing at 4.8% CAGR, US at 4.4%), though politically and economically influenced.
Asia-Pacific: Rapid growth markets fueled by government investment and urbanization, especially in China, India, and Southeast Asia.

2025 Expectations: Early signs suggest moderate returns to deal volumes, but subject to global policy (trade/tariff) and interest rate risks.
Investment Considerations: Focus on performance drivers—operational efficiencies, technological integration, and mitigation of supply chain risks—will shape success.

展开完整摘要