Private equity and venture capital-backed deal value and volume both fell in November 2024 compared to the same period a year ago.

Global private equity and venture capital (PEVC) transaction value declined 42.7% to $29.56 billion in November compared to $51.64 billion in the same period in 2023, S&P Global Market Intelligence data shows. The number of deals fell to 887 from 1,057 — a 16% year-over-year decline.

The US and Canada region had the highest deal value totals for the month at $12.66 billion, followed by Asia-Pacific at $8.45 billion. The US and Canada, along with Europe, saw deal value declines in November 2024 against the same period a year prior. However, transaction value in Asia-Pacific increased 33.9% across the same period.

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Asia-Pacific had 352 deals at the end of the month, the most of any region, while the US and Canada followed with 227 deals. Deal volume dropped across all regions year over year in November 2024.

Total private equity and venture capital deal value reached $579.85 billion for the year through Nov. 30, up 24.1% versus the same period in 2023, despite deal volume declining 4.33% in the same period.

Technology, media and telecommunications (TMT) led global private equity and venture capital transactions with 326 deals, followed by the industrials sector with 142 deals. Application software remained the most invested segment within TMT, accounting for 143 deals.

In the largest announced transaction in November, X.AI Corp. raised $5 billion in a funding round with participation from investors including Qatar Investment Authority, Sequoia Capital Operations LLC, Andreessen Horowitz LLC, CoreNest Capital and Valor Management LLC.

KKR & Co. Inc.'s two-tranche tender offer to acquire Fuji Soft Inc. was the second largest announced transaction in November. KKR commenced the second tender offer as of Nov. 20.

Outlook

Private equity may see a potential rebound in transactions in 2025, supported by favorable interest rate conditions. Rate cuts had reduced the cost of capital and "would [catalyze] transaction activity," Blackstone Inc. CEO Stephen Schwarzman said during the firm's third-quarter earnings call.