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After a slow stretch of activity, private equity firms are cautiously optimistic. In this episode of PwC’s Financial Services Tax Audiocast series, Amy McAneny, PwC’s US Private Equity Tax Leader, sits down with Josh Smigel, US Private Equity Leader, to explore the forces shaping dealmaking today. From planning and policy shifts to exit timing and liquidity alternatives, the conversation offers practical insights that can help leaders prepare for what’s next.
Key takeaways
- The level of deal activity in early 2025 has not lived up to initial expectations, as interest rate uncertainty, regulatory complexity, and pricing misalignment continue to challenge execution, but there has been a significant uptick in activity in the second half of the year.
- A significant number of middle-market portfolio companies are now held past the typical five-year mark, building pressure for exit strategies to emerge.
- Continuation of funds and secondary transactions is becoming more prominent, offering firms flexible options to create liquidity without giving up high-quality assets.
- Greater clarity around policy direction, interest rates and deal valuation expectations is essential to restoring confidence and unlocking transaction flow.
- An uptick in large-cap transactions is underway, and these mega deals could signal a broader resurgence in private equity market activity.
Segmented topics with timestamps:
- 0:00 - Welcome and framing the deals landscape
- 1:15 - Early 2025 market sentiment and activity
- 4:40 - Portfolio company hold periods and exit timelines
- 5:25 - Continuation funds and secondary strategies
- 8:00 - Value creation and performance during extended holds
- 9:13 - Policy, rate direction and pricing gaps
- 11:07 - Role of mega deals in signaling recovery and 2026 outlook
Private Equity
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US Tax Services
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