4 private equity benchmarks shaping dealmaking in 2025

Private equity firms are navigating ongoing volatility and a tough exit environment — yet deal activity is proving more resilient than many expected. As firms weigh where and how to deploy capital, relationships and data-driven insights are increasingly shaping the competitive edge.

Affinity’s Private Equity Benchmark 2025 draws on aggregated, anonymized data from more than 200 firms to surface key shifts in sourcing, engagement, and dealmaking strategy. Here are four highlights from this year’s report — and why they matter.

1. Deal activity shows resilience

Despite macroeconomic headwinds, deal activity rebounded in early 2025. Firms appear to be prioritizing quality over quantity, with larger transactions taking on a bigger share of the market. The picture that emerges is one of selectivity: dealmakers are moving deliberately, but with pipelines healthy enough to capture the right opportunities when they arise.

(The full report breaks down quarterly benchmarks and firm-size comparisons.)

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2. Outbound origination is gaining ground

After a period of steadiness, firms are expanding their networks at a faster clip. That momentum suggests a more proactive approach to origination — one that emphasizes building new relationships as pressure to deploy dry powder increases. For firms, cultivating fresh connections isn’t just about expanding reach; it’s about uncovering proprietary opportunities in an increasingly crowded landscape.

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How Invus Opportunities increased centralized opportunity tracking by 40% with Affinity

3. Engagement is on the rise

PE firms aren’t only building bigger networks — they’re staying more connected, too. From steady communication during 2024 to an uptick in engagement early this year, firms are maintaining touchpoints that balance portfolio support with future dealmaking. In a competitive environment, consistent outreach signals both discipline and readiness.

(The report explores how engagement strategies have evolved since last year.)

In Q1 2025, All Firms sent and received 7% more emails YoY, alongside the increase in network expansion. This increase highlights a strategic shift: All Firms are increasingly leveraging new relationships to source proprietary opportunities.

4. Relationships and data define the landscape

Resilient deal activity tells only part of the story. The firms that stand out are those investing in their networks and using data-driven insights to make sharper decisions. In today’s nuanced environment, success hinges on the ability to move decisively when opportunities surface — and that means blending strong relationships with actionable intelligence.

(The report highlights how leading firms are aligning their strategies around these twin advantages.)

Callout: Motive Partners saw a 66% increase in deals reviewed annually since using Affinity

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 "Having a well-defined, clean, golden source data set is more important in the age of AI, and that's a lot of the benefit that we're seeing from Affinity as well."
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- Oren Michaely, Head of AI for Motive Partners

Conclusion

The private equity market is evolving quickly, and the firms that adapt will be the ones best positioned to capture long-term value.

For a deeper dive into the data — including quarterly benchmarks, engagement metrics, and origination trends — download the full Private Equity Benchmark 2025 Report.

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