SI Global has released its Private Equity Insights 2025 report.
Private equity interest in the B2B services sector surged in 2024, with new data showing a 21 per cent year-on-year increase in investment activity—a sharp rebound from the market downturn in 2023. The findings come from SI Global’s Q2 2025 Private Equity Insights Report, which analyses more than 220 global transactions across the marketing, consultancy, and technology services sectors.
Now in its second year, the report tracks shifting investment patterns across global markets and uncovers the structural changes shaping PE activity in the sector.
Key findings from the report include:
- Platform activity rebounds, but exits lag—Whilst PE investment rose sharply in 2024, exits slowed by 27 per cent and refinancing declined 57 per cent. Twice as many firms are now held beyond the common five year cycle compared to last year, raising questions about exit readiness and valuation strategy.
- First-money investments dominate—87 per cent of new PE activity in 2024 came from first-time investments rather than reinvestments or bolt-ons. This reflects both investor appetite and the increasing volume of newly available assets in the market, especially at the smaller end of the scale.
- Digital, Social and Influencer agencies attract the bulk of capital—More than 50 per cent of PE investments in B2B services went to digital businesses, a threefold (333 per cent) increase on the previous year. Social and influencer-led agencies were in particular demand, reflecting broader shifts in brand spend and media engagement.
- Bolt-on activity collapses—The number of firms making bolt-on acquisitions within their first year of investment fell by 92 per cent, as funds pivoted away from multi-line roll-ups in favour of more focused go-to-market strategies, and platforms focused on margin improvement and organic growth.
- Valuations remain resilient—Despite macroeconomic headwinds, intense
competition for quality assets – particularly those that are tech-enabled – has sustained profit multiples well above pre-COVID levels.
“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,” said Tristan Rice, partner at SI Global, on the findings. Investors are doubling down on quality, margin improvement and future-fit growth stories—particularly those that are tech-enabled and digitally mature.”
“We’re seeing a strong appetite from Southeast Asia, the UK and the US—all of which continue to lead in PE investment,” added Alyssiah Tsui, partner at SI Global.
“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.”
“The challenge now is readiness,” said Joe Hine, managing partner at SI Global.
“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.”
