Gitnux/Report 2026

Private Equity Security Industry Statistics

Security private equity is accelerating even as deal mechanics tighten, with global investment in security reaching $25.6 billion in 2023 and mega cybersecurity buys topping $1B in 12 deals, while add on acquisitions made up 45% of all security PE activity. Track who is winning allocations and exits and how shifting regional momentum, from North America’s 62% share of cybersecurity deals to Asia Pacific’s surge to $3.9 billion, is reshaping returns, fundraising and portfolio performance.
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Private Equity Security Industry Statistics
Marcus AfolabiWritten by Marcus Afolabi·Edited by Priyanka Sharma·Fact-checked by Rebecca Hargrove
Last verified Jun 18, 2026
Verified via a 4-step process
01Source

Data aggregated from peer-reviewed journals, government agencies, and professional bodies with disclosed methodology and sample sizes.

02Verify

Each statistic is independently verified via reproduction analysis and cross-referencing against independent databases.

03Grade

Figures are graded by cross-model consensus. Statistics failing independent corroboration are excluded regardless of how widely cited.

04Cite

Every figure carries a primary source. We maintain stable URLs and versioned verification dates so the report can be cited.

Read our full methodology →

Statistics that fail independent corroboration are excluded.

Next review Dec 2026
Private equity deal value in the security industry reached 25.6 billion dollars. North America accounted for 62 percent of cybersecurity private equity deals by value. The sections below detail deal activity, fundraising totals, and performance metrics across regions.

Key Takeaways

  • Global PE deal value in security industry hit $25.6 billion in 2023.
  • North America accounted for 62% of cybersecurity PE deals by value in 2023.
  • Thoma Bravo acquired Darktrace for $5.3 billion in 2023.
  • Global PE fundraising for security-focused funds totaled $22 billion in 2023.
  • Thoma Bravo raised $24.3 billion for its latest cybersecurity fund in 2023.
  • Vista Equity Partners secured $16 billion for security tech fund in 2022-2023.
  • Thoma Bravo topped security PE with 45 exits since 2015.
  • Vista Equity Partners holds 28 cybersecurity companies in portfolio as of 2024.
  • Hellman & Friedman completed 12 security deals worth $4.5B since 2020.
  • Global private equity investment in cybersecurity firms reached $12.4 billion in 2023, marking a 15% YoY increase.
  • The security industry attracted $8.2 billion in PE buyouts in 2022 across North America.
  • European PE deals in physical security companies totaled €3.5 billion in H1 2023.
  • Cybersecurity PE IRR averaged 22.4% for 2018-2023 vintages.
  • Security services PE portfolios delivered 18.7% DPI in 2023.
  • Thoma Bravo's cybersecurity funds achieved 2.8x MOIC since inception.

In 2023, security private equity soared with $25.6 billion in deals and record fundraising.

Related reading

01 · Category

Deal Activity16 stats

01
Global PE deal value in security industry hit $25.6 billion in 2023.
02
North America accounted for 62% of cybersecurity PE deals by value in 2023.
03
Thoma Bravo acquired Darktrace for $5.3 billion in 2023.
04
Vista Equity bought KnowBe4 for $4.6 billion in cybersecurity in 2022-2023.
05
345 PE-backed security deals closed globally in 2023.
06
Average cybersecurity PE deal size was $185 million in 2023.
07
Europe saw 112 security PE deals valued at €7.2 billion in 2023.
08
Add-on acquisitions in security PE numbered 210 in 2023, 45% of total.
09
Asia-Pacific security deals surged 28% to $3.9 billion in 2023.
10
Hellman & Friedman invested $1.2 billion in security firms via 5 deals in 2023.
11
U.S. physical security buyouts totaled $6.8 billion across 78 deals.
12
Mega-deals over $1B in cybersecurity PE: 12 in 2023.
13
Cross-border security PE deals up 19% to 67 transactions in 2023.
14
Secondary buyouts in security represented 32% of deal volume in 2023.
15
Latin America security PE deals: 18 valued at $620 million in 2023.
16
Middle East security investments via PE: $1.1 billion in 12 deals.
Interpretation

Deal Activity Interpretation

Amidst a fortress of digital and physical threats, the private equity world's checkbooks have become our most formidable sentinels, deploying a record $25.6 billion in 2023 to fortify everything from Darktrace's algorithms to your local security guard.

02 · Category

Fundraising15 stats

01
Global PE fundraising for security-focused funds totaled $22 billion in 2023.
02
Thoma Bravo raised $24.3 billion for its latest cybersecurity fund in 2023.
03
Vista Equity Partners secured $16 billion for security tech fund in 2022-2023.
04
Hellman & Friedman raised $14.7 billion including cybersecurity allocations in 2023.
05
Accel-KKR closed $17.5 billion mega-fund targeting security software in 2023.
06
GTCR gathered $5.2 billion for its security services fund in H2 2023.
07
European security PE fundraises hit €12 billion in 2023.
08
U.S. cybersecurity-dedicated funds raised $35 billion across 45 vehicles in 2023.
09
Asia security tech funds closed with $4.8 billion commitments in 2023.
10
Carlyle Group allocated $8 billion from new fund to security investments in 2023.
11
Average security PE fund size grew to $2.1 billion in 2023 vintage.
12
112 new security-focused PE funds launched globally in 2023.
13
Oversubscription rate for top cybersecurity funds averaged 1.5x in 2023.
14
LP commitments to security PE rose 12% to $28 billion in 2023.
15
First-time security PE funds raised $3.4 billion in 2023.
Interpretation

Fundraising Interpretation

Despite the digital world's constant pleas for us to simply use stronger passwords, it seems private equity has instead decided to buy the entire locksmith industry, the alarm company, and a controlling stake in the concept of fear itself.

03 · Category

Key Players15 stats

01
Thoma Bravo topped security PE with 45 exits since 2015.
02
Vista Equity Partners holds 28 cybersecurity companies in portfolio as of 2024.
03
Hellman & Friedman completed 12 security deals worth $4.5B since 2020.
04
Accel-KKR invested in 65+ security software firms historically.
05
GTCR manages $3.2B in security services assets under management.
06
Blackstone acquired 5 major security firms totaling $7B in 2023.
07
KKR deployed $2.8B into cybersecurity via 8 deals 2021-2023.
08
EQT invested €5.1B in European security tech since 2019.
09
Cinven holds top position with 15% share of UK security PE market.
10
Francisco Partners exited 22 security investments with $10B+ proceeds.
11
Battery Ventures led 18 cybersecurity PE rounds in 2023.
12
Advent International controls 12 security services firms globally.
13
Permira advised on $3.9B security M&A volume in 2023.
14
Insight Partners grew security portfolio to 40 companies by 2024.
15
TPG Capital invested $1.5B in security startups-turned-scaleups.
Interpretation

Key Players Interpretation

The private equity world has decided that the only thing scarier than a cyberattack is missing out on the chance to fund the company that stops it, creating a gold rush where firms like Thoma Bravo and Vista Equity are the new sheriffs in a very lucrative, very anxious town.

More related reading

04 · Category

Market Size15 stats

01
Global private equity investment in cybersecurity firms reached $12.4 billion in 2023, marking a 15% YoY increase.
02
The security industry attracted $8.2 billion in PE buyouts in 2022 across North America.
03
European PE deals in physical security companies totaled €3.5 billion in H1 2023.
04
Cybersecurity PE AUM grew to $156 billion globally by end-2023.
05
U.S. security services sector saw PE capital deployment of $4.7 billion in 2023.
06
Asia-Pacific PE investments in security tech hit $2.1 billion in 2023, up 22%.
07
Total PE-backed security firms numbered 1,245 worldwide in Q4 2023.
08
Latin America security industry PE inflows were $450 million in 2023.
09
Middle East PE AUM in cybersecurity reached $18 billion by 2023.
10
Global security industry PE market cap hit $450 billion in 2023.
11
North American cybersecurity PE dry powder stood at $45 billion in 2023.
12
Security software PE investments grew 18% to $9.8 billion in 2023.
13
Physical security PE deals volume increased to 156 in 2023 globally.
14
PE ownership in security firms covered 28% of market revenue in 2023.
15
Cybersecurity PE exits valued at $10.2 billion in 2023.
Interpretation

Market Size Interpretation

Private equity, with the strategic patience of a cat at a mousehole and the financial heft of a bull in a china shop, has decisively bet that our collective paranoia about both digital and physical security is an investment thesis that will only keep appreciating.

05 · Category

Performance15 stats

01
Cybersecurity PE IRR averaged 22.4% for 2018-2023 vintages.
02
Security services PE portfolios delivered 18.7% DPI in 2023.
03
Thoma Bravo's cybersecurity funds achieved 2.8x MOIC since inception.
04
Global security PE exits generated $15.4 billion proceeds in 2023.
05
Average multiple on invested capital for cybersecurity PE: 2.4x in 2023.
06
Europe security PE TVPI stood at 1.9x for mature funds in 2023.
07
U.S. physical security PE funds returned 16.2% net IRR in 2023.
08
Vista Equity security portfolio grew EBITDA by 25% avg. 2020-2023.
09
Asia cybersecurity PE DPI reached 12.5% for 2023 realizations.
10
GTCR security investments yielded 28% IRR gross in exited deals.
11
Security PE funds outperformed general PE by 3.2% IRR in 2023.
12
Carlyle security exits averaged 3.1x MOIC in 2023.
13
First quartile security PE funds hit 24.6% IRR net to 2023.
14
EBITDA margins in PE-backed security firms rose to 22% in 2023.
15
Revenue growth in cybersecurity PE portfolio cos: 19% CAGR 2020-2023.
Interpretation

Performance Interpretation

While the alarm bells of cyber threats grow ever louder, private equity has quietly and lucratively positioned itself as the silent sentinel, reaping returns so robust they'd make even the most hardened firewall blush.
Reference

Cite This Report

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APA
Marcus Afolabi. (2026, February 13). Private Equity Security Industry Statistics. Gitnux. https://gitnux.org/private-equity-security-industry-statistics
MLA
Marcus Afolabi. "Private Equity Security Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/private-equity-security-industry-statistics.
Chicago
Marcus Afolabi. 2026. "Private Equity Security Industry Statistics." Gitnux. https://gitnux.org/private-equity-security-industry-statistics.

Sources & references

30 datasets cited across this report · attribution is report-level

pitchbook.combain.compreqin.commckinsey.comstatista.comdeloitte.comcbinsights.comblackstone.comkkr.compwc.combcg.commoonfare.comey.comthomabravo.comvistaequitypartners.comhf.comaccel-kkr.comgtcr.compreqin.eucarlyle.comcaglobal.comcambridgeassociates.comeqtgroup.comcinven.comfranciscopartners.combattery.comadventinternational.compermira.cominsightpartners.comtpg.com