On April 2, when President Trump imposed tariffs on nearly all the world’s countries, investors in secondary deals set their pencils down, putting an abrupt stop to what had been a blockbuster first quarter. Buyers steeled themselves for a period of uncertainty while they tried to figure out the impact of the new levies on corporate valuations, and, by extension, pricing for deals. Now, buyers are moving full steam ahead. Nine out of 10 respondents to this year’s secondary buyers’ survey predict that deal volume in 2025 will exceed the 2024 record level of $160 billion, with many saying they expect the final tally to land north of $200 billion. “We always see a busy end to the year. But there’s a lot of expectation that the second half of this year will be very busy,” said Jacqueline Eaves, a partner in the Private Equity and Private Investment Funds groups at Goodwin.
Read the Wall Street Journal article for more.