AUCKLAND, Today: Private equity came roaring back into B2B services last year, with investment activity jumping 21% year-on-year—marking a major shift from the downturn seen in 2023.
That’s according to SI Global’s Q2 2025 Private Equity Insights Report, which looks at over 220 transactions across marketing, consulting, and tech services sectors worldwide.
Now in its second year, the report tracks global PE trends and highlights structural changes shaping how investors operate in B2B.
Key takeaways
Platform activity bounced back—but exits are dragging. Exit activity fell 27%, refinancing slumped 57%, and more firms are staying well past the usual five-year mark. First-time investments dominated the market in 2024, making up 87% of all new PE activity. Smaller, newly available assets were a big draw.
Digital, social and influencer agencies cleaned up, attracting over half of all PE investment—a 333% jump from 2023. The money followed shifting media and brand engagement trends.
Bolt-on deals all but vanished, down 92%. Investors backed off aggressive roll-ups and leaned into focused, margin-first growth plays. Valuations held strong despite macro pressures, especially for tech-enabled businesses. Strong demand for future-fit assets kept profit multiples high.
Tristan Rice, Partner at SI Global says, “Private equity remains incredibly active in our space – but what they’re buying, how they’re buying it, and what they expect in return is changing.
“We’re seeing a strong appetite from Southeast Asia, the UK and the US – all of which continue to lead in PE investment.” – Alyssiah Tsui
“Investors are doubling down on quality, margin improvement and future-fit growth stories – particularly those that are tech-enabled and digitally mature.”
Alyssiah Tsui, Partner at SI Global, added, “We’re seeing a strong appetite from Southeast Asia, the UK and the US – all of which continue to lead in PE investment.
“But each region has distinct drivers. From digital maturity in the UK to platform-building in Asia and increased first-money appetite in the US, global strategies are no longer one-size-fits-all.”
Joe Hine, Managing Partner at SI Global said, “The challenge now is readiness. The backlog of maturing assets will test valuation expectations, integration success and whether strategies like buy-and-build have truly delivered.
“This will be a defining year for platform exits – and for the advisors who guide them.”
Looking ahead, competition in B2B PE is heating up fast. Over 50 private equity houses are active in the space, with more funds raised every year.
The number of overdue assets has more than doubled, pointing to a wave of exits likely to hit in the second half of 2025—especially if market conditions hold steady.
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