The industry overview
Deal activity in the travel, logistics, and infrastructure sector increased markedly in 2024 compared with the previous year, with a total deal value of $157 billion in 2024 versus $115 billion in 2023. However, activity was still below prepandemic levels (with a total deal value of $173 billion in 2019) and substantially below peaks in 2021 and 2022.
Similarly, the proportion of private equity (PE) deals in the sector increased—from 14 percent of all deals in 2023 to 22 percent in 2024—but PE activity was still well below that of previous years. Some PE holdings are nearing their maturity and will likely come to market in the next year or two; given the current interest rate environment, it will be…
