Over the past 12 months, the private equity platform and add-on growth strategy has been robust. Platform investments mark bold entry points to an investment thesis, but it’s add-ons that fuel momentum, stack scale, sharpen strategy, and unlock synergies. Together, they reveal where private equity is doubling down, and how firms are reshaping industries.
This report maps the geographic distribution of PE capital flows over the last 12 months for both platform and add-on investments, and the specific industry clusters for the three main PE industries: healthcare, manufacturing, and software.
PLATFORMS – 2,710 Investments (LTM)
U.S. Platform Investments
- California (15%), Texas (11%), and New York (9%) dominate overall U.S. investments, reflecting their scale, population, and diverse industry bases
- Illinois and Massachusetts also show sustained clusters of activity
- The Southeast, particularly Florida and Georgia, is emerging as a growth corridor, shaped by new capital flows
U.S. Platform Transactions (LTM) = 1,489
U.S. Healthcare Investments
- New York (13%), Texas (11%), and Massachusetts (7%) lead in healthcare deal activity, driven by hospitals, biotech, and healthcare services
- Midwest regions also show strong activity, reflecting robust healthcare infrastructure
- Healthcare deals remain concentrated around specialty clinics, biotech, and services consolidation
U.S. Healthcare Platform Transactions (LTM) = 137
U.S. Manufacturing Investments
- California (12%), Illinois (12%), and Texas (9%) represent the industrial core of PE activity
- Activity supported by supply chain infrastructure and skilled workforce clusters
- PE firms focus on modernizing and consolidating manufacturing capabilities
U.S. Manufacturing Platform Transactions (LTM) = 212
U.S. Software Investments
- California (14%), Texas (13%), and New York (10%) remain top hubs for software investments
- Texas is gaining momentum as a rising tech corridor, challenging coastal dominance
- Investments span SaaS, cybersecurity, and digital platforms
U.S. Software Platform Transactions (LTM) = 139
Global Platform Investments
- United States (56%) leads globally, followed by the United Kingdom (10%) and France (5%)
- Western Europe remains the key transatlantic corridor, with strong activity in the UK, Germany, and France
- Asia-Pacific markets (India, China, Australia) show increasing PE traction
- U.S. platforms are extending globally, broadening customer bases and diversifying revenues
ADD-ONS – 3,072 Investments (LTM)
U.S. Add-On Investments
- California (14%), Texas (9%), and New York (8%) dominate overall add-on investments
- Broader participation is evident across secondary states, signaling widespread consolidation trends
- The Southeast and Midwest both show momentum, with local hubs becoming attractive add-on destinations
U.S. Add-on Transactions (LTM) = 1,917
Healthcare Add-On Investments
- New York (17%), California (10%), and Tennessee (6%) lead healthcare add-ons, driven by consolidation in hospitals, specialty clinics, and biotech services
- Activity is widespread across urban centers with strong healthcare infrastructure
U.S. Healthcare Add-on Transactions (LTM) = 134
Manufacturing Add-On Investments
- Illinois (12%), Texas (11%), and Florida (8%) dominate add-on manufacturing activity
- These regions reflect strong industrial capacity, labor force depth, and logistics connectivity
U.S. Manufacturing Add-on Transactions (LTM) = 165
Software Add-On Investments
- California (15%), North Carolina (9%), and Florida (7%) represent leading software add-on hubs
- Coastal dominance is now joined by the Southeast, showcasing the shift of tech capital into emerging regions
- Deals span SaaS, enterprise software, and cybersecurity, layering scale onto existing platforms
U.S. Software Add-on Transactions (LTM) = 165
Global Add-On Investments
- United States (63%) is the dominant driver of add-ons globally, followed by the United Kingdom (9%) and Canada (5%)
- North America remains the epicenter of consolidation activity, with Europe providing secondary strength
- Emerging add-on activity is visible in Asia-Pacific and South America, though at a smaller scale
