2025 M&A Market Review
- Hodes Weill
- 9 hours ago
- 1 min read
Real Estate & Infrastructure Investment and Funds Management.
2H 2025 Summary
Deal Activity Reaches Multi-Year High: Real estate and infrastructure manager M&A volumes strengthened materially in 2025, totaling 45 transactions (up 15% YoY), the highest annual level in several years. Activity accelerated in 2H 2025 (23 transactions), signaling a sustained market recovery from the 2023 trough.
Minority Stakes Were the Dominant Structure: Minority interest transactions represented 51% of 2025 deal volume, reinforcing liquidity for alignment-driven capital solutions and growth capital that allows managers to retain control.
Infrastructure M&A Outpaces Historical Levels: Infrastructure-focused manager transactions increased 31% YoY, as capital lined up to support long-duration infrastructure platforms, particularly across energy transition and AI-related digital infrastructure.
Sellers Focused on Strategic Objectives: Transactions were driven by growth-oriented recapitalizations and succession planning, signaling improved market confidence in opportunities to grow AUM.
Momentum Extends into 2026: Early 2026 activity underscores continued momentum, with six deals completed year-to-date including Nuveen / Schroders, TPG / Quarterra, AMG / Highbrook, Artisan / Grandview.
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