2025
Following a significant increase in transactions during Q3 2024, optimism is growing for an even stronger year ahead. Our co-published annual report explores growth opportunities and emerging trends that are essential to understand as we head into 2025.
Download The ReporT
Click to download the previous reports
Key Findings
REGISTER NOW!
Dechert's Global Private Equity Outlook Webinar
Join Us December 14th!
Share this page:
Download the full report and insights.
At a glance
of PE firms, on average, estimate for their fund’s net return for 2024
15.8%
believe market conditions for liquidity events will be unfavorable over the next 12 months
68%
feel that relatively weak economic growth is the biggest challenge facing the sector overall
34%
Representing buyers, sellers and advisers in sophisticated, complex mergers and acquisitions around the globe.
Read about our Mergers & Acquisitions service offering.
Expertise in a broad spectrum of domestic and cross-border financing transactions and debt restructurings.
Read about our Leveraged Finance services.
A leading global private funds practice advising private fund sponsors on all aspects of the fundraising lifecycle.
Read about our Private Funds services.
Exceptional market insight, innovative structuring, strong financing capabilities, market-leading fund formation, regulatory, M&A and tax expertise.
Read about our Private Credit services.
Providing fully-informed advice on both the legal requirements and commercial implications of conventional and innovative fund and transaction types.
Read about our Private Equity services.
PRIVATE
EQUITY
PRIVATE
CREDIT
PRIVATE
FUNDS
LEVERAGED
FINANCE
MERGERS & ACQUISITIONS
How we can help
Chris Field, Co-head Private Equity practice
We are not going to match 2021, but as long as there are no more nasty surprises, the outlook for 2025 is much more positive.”
Chris Field, co-head of Dechert's private equity practice
There are so many variables at play, but there is good reason to think 2024 will prove to have been stronger than 2023, and that 2025 may be even stronger.”
Siew Kam Boon, Partner Private Equity practice
PE firms are fully aware of the challenges and they’re really drilling into the fundamentals to respond in the right way.”
Sabina Comis, global co-managing partner
The U.S. market has been quicker to recover thus far and we’ve been a little behind in Europe, but we can now follow that pick-up over the coming months.”
Sabina Comis, Global managing partner
If co-investment between GPs and LPs is increasing, one of the main questions will remain the fee structure – what will GPs ask LPs to bear?”
Chris Field, Co-head Private Equity practice
Take-private deals benefitted from the fact that many markets were very down; that’s no longer the case.”
Markus Bolsinger, Co-head Private Equity practice
With co-investors as partners, GPs can go after bigger targets, moving them into a smaller universe of competitors for these transactions.”
Markus Bolsinger, co-head of Dechert's private equity practice
It feels as if we were stuck in something of a wait-and-see holding pattern at the beginning of the year, but 2024 has begun to pick up and there is momentum building that will lead us into next year.”
Sabina Comis, Global managing partner
We are going to have to use the full range of tools and mitigation strategies to bridge the valuation gap.”
Siew Kam Boon, Co-head Private Equity practice
Infrastructure is hot – and that includes digital infrastructure, where the interest is huge.”
Markus Bolsinger, Co-head Private Equity practice
Club deals are helping PE firms to both diversify risk a little and to manage those very large checks.”
Siew Kam Boon, Co-head Private Equity practice
We are likely to see a further rise in GP-led secondaries in our part of the world”
21%
61%
60%
feel that more stringent regulation will have a major impact on the deal environment
are focused on acquiring synergistic or complementary enterprises to drive their buy-and-build strategy forward
describe club deals as very appealing in the current environment
PRIVATE EQUITY
READ THE REPORT
Global Private Equity Outlook
*Based on insights from a survey of 100 senior-level PE executives across North America, EMEA and APAC.
learn more
59% of global respondents are currently using asset-backed securities (ABS) and other structured products.
learn more
34% of respondents are exploring GP-stake divestitures in the next two years.
learn more
66% of PE firms globally expect increased scrutiny from antitrust, FDI and other regulatory authorities to have a negative impact on their dealmaking plans over the next 12 months.
learn more
82% of respondents expect secondaries activity levels to remain buoyant or increase in the next two years following 4x growth in the past five years.
learn more
93% of respondents are at least somewhat likely to consider take-private deals in the next 12 months, but compared to last year those who responded “very likely” dropped significantly from 80% to 44% - perhaps due to the positive performance of the public markets.
learn more
60% of respondents globally now offer a co-investment program; in North America, 73% of firms offer co-investments.
learn more
31% of North American respondents believe that the Republican victory in November’s U.S. presidential election has the potential to boost portfolios, particularly for North American firms.
Share this page:
Markus Bolsinger, Co-head Private Equity practice
PE is a mature industry that has shown over many decades that it can deal with whichever way the political wind is blowing – investors will focus on what they can control.”
Chris Field, Co-head Private Equity practice
We are seeing the beginning of a comeback, driven by reductions in interest rates.”
Siew Kam Boon, Co-head Private Equity practice
The exit environment in Asia-Pacific continues to face real challenges”
Siew Kam Boon, Co-head Private Equity practice
Money needs to be deployed because funds have been raised – deals need to happen over 2025.”