Private equity deal news and insights from the London newsroom

Deal value surged in March, says S&P Global; Houlihan Lokey survey indicates sustained trust in PE resilience

Good morning, Nina Lindholm here with the Europe Wire from the London newsroom.

Dealmaking had a sluggish start to the year, including the slowest start for US dealmaking in more than a decade, according to data PE Hub analyzed from multiple providers. March deal value, however, reached the highest total in a decade, according to S&P Global Market Intelligence. We kick off this morning by delving into the figures.

We’ll finish with another report, with Houlihan Lokey’s inaugural LP Compass survey. Private equity allocations remain resilient, despite geopolitical uncertainty.

Big deals

Dealmaking did not quite have the momentum in 2025 many predicted at the end of last year. But, while volume is muted, global private equity and venture capital deal value in March surged to the highest monthly deal value in at least a decade, according to S&P Global Market Intelligence.

For my takeaways from the report and information on a take-private deal that was halted due to market uncertainty, check out the premium Wire.

PE Hub is keen to hear your thoughts on tariff impact on dealmaking. Send your comments to [email protected].

Steadfast commitment

Sticking with the uncertainty theme to finish. Private equity continues to demonstrate investor resilience in 2025, despite concerns around geopolitical instability, according to Houlihan Lokey’s LP Compass survey.

To learn more about the survey, take a look at the full Wire coverage.

That’s all from me this morning. Make sure to catch our tariff-focused US edition of the Wire later today, written by MK Flynn. Irien Joseph is in the Europe chair tomorrow, as Craig McGlashan takes some well-deserved time off this week.

Cheers,

Nina

Read the full Wire commentary on PE Hub ...

Today's must reads

Also of note (may require subscriptions)

BlackRock’s Fink: Uncertainty and anxiety are dominating every client conversation. The firm expects private markets to benefit from the uncertainty as investors look to insulate portfolios from tariff impact. (Private Equity International)

LPs slow their pace: ‘Nobody is getting fired for taking things slowly right now.’ Contrary to a report in the Financial Times earlier in the week stating that the turmoil is spurring large institutional investors to explore selling out of private market positions, most LPs are not likely to make such reactionary decisions to sell at steep discounts. (Buyouts)

AI, geopolitics and other takeaways from the Global Summit: In this podcast, we review what industry leaders are saying about regulation, LP appetite for the mid-market, direct investing and much more. (Infrastructure Investor)

NREP’s Nokkanen: ‘We are not going to kill any deals.’ The CIO of the Copenhagen-based manager says he expects up to €400m of live Nordic real estate transactions will still happen despite the surge in trade uncertainly provoked by the US government’s imposition of tariffs on international imports. (PERE)

MSCI: Private debt faces fundraising slowdown risk. While a tangible decline has yet to surface, prolonged sluggish fund performance predicts a negative trend. (Private Debt Investor)

“Given the current turbulence associated with tariffs and a potential trade war, the resilience of this asset class is likely to be acutely tested once again. Regardless, one thing history has shown time and again is that private equity is an asset class that can quickly adapt and find compelling opportunity against a backdrop of market dislocation.”

— Andy Lund, managing director and global co-head of Primary Capital Advisory, Houlihan Lokey

Today's letter was prepared by Nina Lindholm

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