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What’s ahead for dealmakers under the new administration? EQT’s Eric Liu, OEP’s Greg Belinfanti, Riverside’s Béla Szigethy and Stewart Kohl weigh in

Hello, Hubsters. MK Flynn here in New York with the US edition of the Wire, bringing you insights from several PE thought leaders this morning.

As the year winds down, we’ve been asking our sources to look ahead to the new year and share their thoughts on what’s to come for private equity dealmaking, especially in light of the upcoming change in US government.

As part of PE Hub’s series of Outlook Q&As, today we’re showcasing my interview with Eric Liu, who serves as the head of private equity North America, and global co-head of healthcare, private capital, for Stockholm-based EQT. We discussed many topics, including the potential impact of the new administration on dealmaking.

How the new government will affect PE deals has been the focus of many of my conversations with dealmakers lately.

I’m sharing additional insights on the topic today from my recent conversations with One Equity Partners president Greg Belinfanti and from the Riverside Company co-CEOs Béla Szigethy and Stewart Kohl.

Heightened attention

Eric Liu joined EQT as the Stockholm-headquartered private equity firm’s first US hire back in 2014.

Today, the firm counts more than 50 companies in its North American portfolio, and Liu serves as the head of private equity North America, and global co-head of healthcare, private capital.

EQT invests behind what it calls “key global trends shaping our future, including the energy transition, digitalization and healthcare.” In 2024, the firm has had more than 20 exit events. Since the firm went public in 2019, its market cap has grown 517 percent to $41 billion as of H1. The firm has $267 billion in AUM.

Among the topics I discussed with Liu in an Outlook Q&A was the post-election environment for PE dealmaking in general and the healthcare sector in particular.

Premium subscribers can read the full interview.

Wait and see

Greg Belinfanti joined One Equity Partners in 2006 and was named president of the New York-based middle-market PE firm in January 2024. In 2024, the firm completed five full exits of companies and has announced one more. As of September 30, it has $13.8 billion in AUM.

Prior to taking the president role, Belinfanti led many of OEP’s healthcare transactions. Belinfanti stopped by PE Hub’s office recently to discuss the landscape for PE deals, and I asked for his thoughts on the new administration and its potential impact on dealmaking in the healthcare sector.

Upgrade to the premium version of the Wire to read his insights.

For more on Belinfanti, see PE Hub’s Dealmakers to Watch profile, written by Obey Martin Manayiti.

Mixed bag

The Riverside Company is one of the most active PE firms in the middle market. The firm currently has $13 billion in AUM. In 2024, the firm completed 13 exits and announced two others. The firm expects to return $1.5 billion in total distributions back to investors.

On Friday, I attended Riverside’s annual media breakfast.

Premium subscribers to the Wire may read what co-CEOs Béla Szigethy and Stewart Kohl said when asked about the implications of the new administration and what it means for deal activity.

For more post-election insights, see:

• Carlyle CEO Harvey Schwartz: End of election uncertainty is ‘a catalyst for IPOs, M&A’

• Election reaction: Dealmakers expect favorable tax policies, eased regulations to fuel deal pipeline

Thanksgiving

Schedule note: In observance of Thanksgiving, there will be no US edition of the Wire on Thursday, November 29. There will be a special combined US/Europe edition on Friday, November 30.

Tomorrow, Nina Lindholm will bring you the Europe edition, and Obey Martin Manayiti will bring you the US edition.

On behalf of all of us at PE Hub, I’d like to wish you a very Happy Thanksgiving!

Cheers,

MK

Read the full Wire commentary on PE Hub ...

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They said it

“One wild card factor that has emerged recently is the nomination of Robert F Kennedy Jr as head of Health and Human Services. He maintains strong views on several topics that are quite different from how the country has operated historically, and he will be in a position to make key hires and drive policy. It is unclear how much of his agenda he will be able to implement, but regardless of what he is able to accomplish, his nomination does create more uncertainty, which investors do not like.”

— Eric Liu, the head of private equity North America, and global co-head of healthcare, private capital, EQT, on the impact of the incoming administration on dealmaking