Sovereign wealth funds M&A 2025 has propelled global dealmaking to over USD3.5tr, up 34% year to date, as state investors ramp direct and co-investments. Singapore’s GIC and Abu Dhabi’s ADIA took minority stakes in Blackstone and TPG’s up to USD18.3bn buyout of Hologic, while BlackRock and Abu Dhabi’s MGX agreed a USD40bn deal for Aligned Data Centers. Carlyle and Qatar Investment Authority are acquiring BASF’s coatings arm in a EUR7.7bn (USD8.3bn) transaction, and Saudi PIF