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The lower mid-market specialist has focused on add-ons in Europe in 2025.

As turnover rises and hold periods stretch, new buyout shop Civaris aims to prove that human capital – not capital formation – is the real lever of PE value creation.

Second-tier assets need a ‘little bit of sobriety’ on valuations to trade, added DeAngelo’s fellow global co-head of corporate finance, Jay Novak.

With power infrastructure companies commanding high teens EBITDA multiples, Sabre could fetch $4.5bn-$5bn in a sale.

A recent draft bill by the German federal government seeks to tighten the requirements for third-party investments in German tax advisory firms.

Diversis, GHO, InTandem, Stone Point and Summit Partners are investing in services aimed at helping healthcare providers manage expenses.

The single-asset process is part of what looks to be record-setting secondaries activity this year that appears headed for more than $200bn of total volume.

Public companies with market caps of $5bn-$15bn are partnering with buyout and tech investors so they can develop AI features away from public scrutiny, said Voss.

'There is a large backlog of private equity-owned software companies that have the size and performance to enter the public market,' says Porter.

Some growth in GPs' portfolio companies may come more from M&A than underlying equity performance, the research found.