Global private equity (PE) deal activity reached record levels in Q3 2025, with total deal value rising to US$310b, as firms took advantage of narrowing valuation gaps, improved financing conditions and renewed market confidence. While fundraising remains muted, emerging retail channels and a gradual reopening of IPO markets signal growing momentum across the sector, according to the latest EY Private Equity Pulse Q3 2025. Record deployment driven by improved sentiment The third quarter of 2025