Key findings This year’s report reveals an industry that is cautiously optimistic despite an uncertain and volatile macroeconomic and geopolitical backdrop, with returns on the rise and creative deal structures to the fore.
49% Geopolitical uncertainty Just under half of respondents cite geopolitical conflicts as a broad macroeconomic factor that is expected to have one of the biggest influences on the deal environment over the coming 12-18 months. At a regional level, however, 65% of EMEA executives see them as one of the main challenges to dealmaking, compared to only 30% of APAC respondents. 48% Valuations Nearly half of GPs favor earnouts to help close valuation gaps. In APAC, that number rises to 60%.
17.1% Returns GPs are more optimistic about the returns outlook for the industry than a year ago. For 2025, EMEA and North American respondents estimate returns of 17.1%, while APAC respondents estimate the figure to be slightly higher at 17.4%. 75% Sector preferences Three-quarters of survey participants expect to invest in life sciences (including healthcare) over the next 24 months. Almost as many (74%) state that they will invest in technology. 64% Fundraising Almost two-thirds of respondents are expanding into additional investment strategies to mitigate fundraising pressures.
52% Co-investment Just over half of respondents have a co-investment program, with 51% across all regions offering their LPs co-investment opportunities in private credit loans obtained by portfolio companies.
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