Australia Private Equity Quarterly Update – Q2 2026 

Private equity activity in Australia remained subdued in Q2, with fewer deals overall but capital has continued to flow into large, high-conviction assets, particularly in healthcare.

In brief

• Australia’s share of APAC PE deal value declined to approximately 15% in Q2 2026 from 24% in Q2 2025.
• Domestic sponsors are driving a growing share of deal activity, while international investors are concentrating on larger transactions amid ongoing market uncertainty.
• Signs of improving exit momentum and increasing investor interest in Australia’s private debt market point to emerging opportunities despite softer fundraising conditions.

In Q2 2026, Australia recorded 20 PE deals deploying approximately US$5.0b in capital. Although two megadeals (above US$1b) accounted for nearly 70% of total quarterly deal value, the market also saw broader participation across smaller deal sizes, with transactions below US$200m representing 20% of total deal volume, compared with none in Q2 2025.

The healthcare sector accounted for 75.8% of total deal value, followed by infrastructure (14.2%) and technology (7.2%) sectors. The outsized share of the healthcare sector was driven by two megadeals, Stonepeak's acquisition of Estia Health and BGH Capital's acquisition of Aspen Asia Pacific. Apart from the health sector; digital infrastructure assets, including data centres, fibre networks and AI compute platforms continued to attract capital, supported by sustained demand for data, connectivity and computing capacity.