Private equity: dealmaking thaws, exits stay uneven
Europe led first-half activity and exits while global fundraising stays off its peaks, opening room for add-ons and creative liquidity.
Dealmaking is thawing but exits and fundraising remain uneven: Europe led H1 activity and exits as faster rate cuts and policy clarity pulled in U.S. sponsors, while global fundraising is still off recent peaks and backlogs persist, creating opportunity for add-ons and creative liquidity (continuation funds).
Next steps
- Lean into buy-and-build where multiples are more rational.
- Underwrite to base cases with slower 2025 EBITDA growth (tariff and wage pass-throughs are real).
- Sharpen exit optionality (dual-track, sponsor-to-sponsor, minority recaps) as windows re-open in late 2025/2026.
Informational content only. Not investment advice.