Latest news with #2025Report
Yahoo
12-06-2025
- Business
- Yahoo
Autoimmune Collaboration and Licensing Deals Report 2025: Comprehensive Analysis of 943 Autoimmune Licensing Deals (2016-2025) Across 30+ Diseases
The 2025 report on Autoimmune Collaboration & Licensing Deals analyzes 943 agreements from 2016-2025, covering over 30 diseases including MS, RA, lupus, and Crohn's. Access deal terms, financials, and SEC contracts for top biopharma partnerships. A must-have for benchmarking, due diligence, and strategic planning in autoimmune R&D and commercialization. Dublin, June 12, 2025 (GLOBE NEWSWIRE) -- The "Autoimmune Collaboration and Licensing Deals 2016-2025" report has been added to Collaboration and Licensing Deals provides a comprehensive understanding and unprecedented access to the autoimmune deals entered into by the worlds leading biopharma revised and updated, the report provides details of 943 autoimmune deals from 2016 to report includes coverage of the following autoimmune diseases:Multiple sclerosis, Restless leg syndrome, Dermatitis, Eczema, Alopecia, Psoriasis, Celiac disease, Inflammatory bowel disease, Crohn's disease, Ulcerative colitis, Glomerulonephritis, Endometriosis, Immune thrombocytopenic purpura, Neutropenia, Graft versus host disease, Scleroderma, Systemic lupus erythematosus, Addison's disease, Diabetes Type 1, Ankylosing spondylitis, Juvenile arthritis, Psoriatic arthritis, Rheumatoid arthritis, Uveitis, Narcolepsy, Chronic obstructive pulmonary disease, Idiopathic pulmonary fibrosis, Sarcoidosis, Meniere's disease, and other autoimmune report provides access to deal payment terms as announced between the parties. This data provides useful insight into the payment and other deal the flexibility of a prospective partner's negotiated deals terms provides critical insight into the negotiation process in terms of what you can expect to achieve during the negotiation of terms. Whilst many smaller companies will be seeking details of the payments clauses, the devil is in the detail in terms of how payments are triggered and rights transferred - contract documents provide this insight where press releases and databases do report contains a comprehensive listing of collaboration and licensing deals announced since 2016 as recorded in the Current Agreements deals and alliances database, including financial terms where available, plus links to online copies of actual licensing contract documents as submitted to the Securities Exchange Commission by companies and their initial chapters provide a valuable orientation to autoimmune dealmaking, beginning with an introduction in Chapter 1. Chapter 2 delves into trends within autoimmune dealmaking, offering a comprehensive analysis. The subsequent chapters provide detailed insights, covering the financial aspects of deals (Chapter 3), reviewing top active companies (Chapter 4), examining notable signed deals (Chapter 5), and presenting a directory organized by therapeutic target (Chapter 6).The report also includes numerous table and figures that illustrate the trends and activities in autoimmune deal making since addition, a comprehensive deal directory is provided organized by company A-Z and technology type. Each deal title links via Weblink to an online version of the deal record and where available, the contract document, providing easy access to each contract document on Collaboration and Licensing Deals provides the reader with the following key benefits: Understand deal trends since 2016 Browse autoimmune collaboration and licensing deals Benchmark analysis - identify market value of transactions Financials terms - upfront, milestone, royalties Directory of deals by company A-Z, therapy focus and technology type Leading deals by value Most active dealmakers Identify assets and deal terms for each transaction Access contract documents - insights into deal structures Due diligence - assess suitability of your proposed deal terms for partner companies Save hundreds of hours of research time Report ScopeAutoimmune Collaboration and Licensing Deals is intended to provide the reader with an in-depth understanding of autoimmune trends and structure of deals entered into by leading biopharma companies Collaboration and Licensing Deals includes: Trends in autoimmune dealmaking in the biopharma industry Overview of collaboration and licensing deal structure Directory of autoimmune deal records covering pharmaceutical and biotechnology The leading autoimmune deals by value Most active autoimmune licensing dealmakers In Autoimmune Collaboration and Licensing Deals, the available deals are listed by: Company A-Z Headline value Therapeutic area Technology type Each deal title links via Weblink to an online version of the actual deal record, providing easy access to each contract document where Collaboration and Licensing Deals provides comprehensive access to available records for deals, including contract documents where contract agreements allows due diligence of: What are the precise rights granted or optioned? What is actually granted by the agreement to the partner company? What exclusivity is granted? What is the payment structure for the deal? How are sales and payments audited? What is the deal term? How are the key terms of the agreement defined? How are IPRs handled and owned? Who is responsible for commercialization? Who is responsible for development, supply, and manufacture? How is confidentiality and publication managed? How are disputes to be resolved? Under what conditions can the deal be terminated? What happens when there is a change of ownership? What sublicensing and subcontracting provisions have been agreed? Which boilerplate clauses does the company insist upon? Which boilerplate clauses appear to differ from partner to partner or deal type to deal type? Which jurisdiction does the company insist upon for agreement law? Key Topics Covered: Chapter 1 - IntroductionChapter 2 - Trends in autoimmune dealmaking2.1. Introduction2.2. Autoimmune deals over the years2.3. Autoimmune deals by deal type2.4. Autoimmune deals by industry sector2.5. Autoimmune deals by stage of development2.6. Autoimmune deals by technology typeChapter 3 - Financial deal terms for autoimmune deals3.1. Introduction3.2. Disclosed financials terms for autoimmune deals3.3. Autoimmune deal headline values3.4. Autoimmune deal upfront payments3.5. Autoimmune deal milestone payments3.6. Autoimmune deal royalty ratesChapter 4 - Leading autoimmune dealmakers and deals4.1. Introduction4.2. Most active in autoimmune dealmaking4.3. List of most active dealmakers in autoimmune4.4. Top autoimmune deals by valueChapter 5 - Autoimmune deal contract document directory5.1. Introduction5.2. Autoimmune partnering deals where contract document availableChapter 6 - Autoimmune dealmaking by therapeutic target6.1. Introduction6.2. Deals by autoimmune therapeutic targetDeal Directory Deal Directory - Autoimmune deals by company A-Z 2016 to 2025 Deal Directory - Autoimmune deals by technology type 2016 to 2025 A Selection of Companies Featured Include: AB Biosciences Abbott Laboratories Abbvie Acucela Aculys Pharma AdAlta Adhera Therapeutics Adimune Adiso Therapeutics Aditum Bio Aduro BioTech Adynxx Agility Life Sciences AimedBio Akaal Pharma Akebia Therapeutics Akouos Akston Biosciences Alex Therapeutics Alfasigma Alimentiv Alimera Sciences Alkermes Almirall AltaVoice Alvotech Amarna Therapeutics Ambiopharm Ambry Genetics Amegabiotech Amgen Amytrx Therapeutics AnaptysBio AnGes MG Anokion Anthem Bluecross AntibioTx Antidote Aptar Pharma Arbor Biotechnologies Arch Biopartners Arctic Vision Arcutis Biotherapeutics Arena Pharmaceuticals Aristea Therapeutics Ark Biosciences Aslan Pharma Aspect Biosystems Astellas Pharma Asthma UK AstraZeneca Astria Therapeutics Autolus Avacta Avalere Health Avicanna Axela Axoltis Pharma Axsome Therapeutics Azenta Life Sciences Azitra Bachem Back-A-Line Basilea Pharmaceutica Bausch & Lomb Bayer BCD Bioscience BenevolentAI Bennu Pharmaceuticals BGI Bigfoot Biomedical BinnoPharm Bio-Gate Bio-Path Bio-Rad Laboratories Bio-Techne BioClinica Biocon Biofourmis Biogen Bioqube Ventures Boehringer Ingelheim Boragen Boston Pharmaceuticals Brain Canada Brainomix Brickell Biotech Bristol-Myers Squibb C4X Discovery Cabaletta Bio Caladrius Biosciences Calliditas Therapeutics Candid Therapeutics Cantargia Cara Therapeutics CASI Pharmaceuticals Celltrion Celmatix Celsius Therapeutics Centessa Pharmaceuticals Centurion Century Therapeutics Charles River Laboratories CheckPoint Immunology Chugai Pharmaceutical Cipla Circassia Clearside Biomedical Clene Nanomedicine Cleveland Clinic ClinConnect Coeptis Therapeutics Collplant Conduit Pharmaceuticals Corrona Cosmofix Coya Therapeutics Cryostem CrystalGenomics CSL Behring Cugene Curant Health Cynata Therapeutics Cyrus Biotechnology Cytocom Daewoong Pharmaceutical Daiichi Sankyo Danuo Science Group Debiopharm Diurnal Diversigen DNAnexus Dr. Falk Pharma Dr. Reddy's Laboratories Dragonfly Therapeutics DreaMed Diabetes DyDo Pharma Editas Medicine EffRx Pharmaceuticals Eisai Eli Lilly ElsaLys Biotech Encore Dermatology Endo International Engitix Enosi Therapeutics Ensho Therapeutics Entera Health Enteris Biopharma Enzene Biosciences EOFlow Epicore Biosystems EpimAb Biotherapeutics epitoMAP Epivax Equillium Eterna Therapeutics Ethypharm EVA Pharma Evidation Health Evofem Biosciences Evolve BioSystems Evommune EVOQ Therapeutics Evotec Ewopharma Exagen Diagnostics Excelra Exscientia Fibrogen Fluidigm Fosun Pharmaceutical Frequency Therapeutics FSD Pharma Fujifilm Fuji Pharma FutureGen Biopharm G42 Healthcare Galderma GC Biopharma GenEdit Genentech Genetic Analysis Genmab Genomics Genprex GenScript ProBio Genten Therapeutics GentiBio Genzyme Georgiamune Giiant Pharma Gilead Sciences Glenmark Pharmaceuticals Graviton Bioscience GRI Bio GSK Gusto Global Gynica Halozyme Therapeutics Hansa Biopharma Haplogen Hesperos HIBio Hoffmann La Roche Honeywell Horizon Therapeutics Humanigen IMIDomics Immetas Therapeutics ImmPACT Bio Immugenyx ImmunoAdoptive Cell Therapy ImmunogenX Inception Sciences Incyte InDex Pharmaceuticals Inexia Innate Pharma Inserm Transfert InSilicoTrials Insmed Inc Integral Molecular Intract Pharma Intrexon Inventiva Ionis Pharmaceuticals IQVIA ISD Immunotech Iterative Scopes iTolerance Izana Bioscience Jackson Laboratory Janssen Biotech Jazz Pharmaceuticals Jiangsu Hansoh Pharmaceutical Johnson & Johnson Jolt Health JSR Jubilant Radiopharma Jubilant Therapeutics Jupiter Wellness JW Pharmaceutical Kadimastem Kadmon Pharmaceuticals Kaleido Biosciences Kamada KBI BioPharma Kezar Life Sciences Kindeva Drug Delivery Kiniksa Pharmaceuticals Kissei Pharmaceutical Kite Pharma Klue Komodo Health Koneksa Health Koye Pharmaceuticals Kubota Vision Landos Biopharma Lassen Therapeutics LEO Pharma Lexicon Pharmaceuticals LianBio Lipidor Lonza Lyfebulb LyGenesis Mabwell Bioscience mAbXience Mapi Pharma Marengo Therapeutics Maruho Max Biopharma Maxcyte Medac Medgenics Medimetriks Medison Pharma MedRhythms Medsenic Meiji Seika Merck and Co Metaba Microdrop Mimetas MiNA Therapeutics MiTest Health Moderna MorphoSys Mundipharma Mylan Laboratories Myovant Sciences Myriad Genetics Navidea Biopharmaceuticals Nektar Therapeutics Neogap Therapeutics Neoteryx Neovacs Neovii Pharmaceuticals Neurodon NeuroGenesis Nexel Nexilico Nippon Shinyaku Nitto Denko Nkarta Therapeutics NLS Pharmaceutics Nona Biosciences Nordic Pharma Group Novartis Novo Nordisk Nuance Pharma Nuevolution Numab Numares NuMedii Nutra Pharma Nxera Pharma Ocumension Therapeutics OliX Pharmaceuticals OMNY Health Orion Ossium Health Otsuka Paladin Labs Palisade Bio Palleon Pharmaceuticals Panaxia Pancryos Pandion Therapeutics Paragon Bioservices Parexel Biotech Parvus Therapeutics Patara Pharma PathoQuest Pearsanta Pediatrix Therapeutics Pelle Ventures Pfizer Pheno Therapeutics Philips PicnicHealth PlantEXT Pluristyx Pragma Bio Precision BioSciences PredictImmune Priovant Therapeutics Progenity Promius Pharma Propeller Health Protagen Protxx Purdue Pharma Quadri Pharmaceuticals Recipharm RedHill Biopharma Redx Pharma Regen BioPharma Regentys Regranion Relife Remedium Bio Renovion ReproCell RespirAI Medical Revive Therapeutics Revon Systems ReWalk Robotics Rheos Medicines Rigel Pharmaceuticals Roche Roivant Sciences RS BioTherapeutics Sandoz Sanguine Sanofi Sano Genetics Savana Scailyte Schrodinger Scienion Scipher Medicine Second Genome Selecta Biosciences Selexis Semma Therapeutics Sengenics Seres Therapeutics Sernova Serosep Shaperon Shire Laboratories Siemens Healthineers Sigilon Therapeutics Signum Biosciences Sirion Biotech Sitryx Skyhawk Therapeutics SomaLogic Sonde Health Sonoma BioTherapeutics Sorrento Therapeutics Statera Biopharma Surrozen SynAct Pharma Synaptogenix Syndax Pharmaceuticals Syneron Bio Synlogic Synthekine Synthonics Taiho Takara Bio Takeda Pharmaceutical Teva Pharmaceutical Industries TG Therapeutics Tharimmune Theradiag Theramex TiGenix Tiziana Life Sciences TONIX Pharmaceuticals Trethera True Diagnostics True North Therapeutics Truveta TxCell UCB UGA Biopharma Upsher-Smith Vaccinex Valo Health Variant Bio Vcell Healthcare Vectura Veracyte Verily Verona Pharma Versant Ventures Vicore Pharma Vital Therapies Vium Vivtex Voronoi Wanchunbulin WellDyne WuXi Biologics Xbrane Biopharma Xencor Xylyx Bio Zedira Zymeworks ZyVersa Therapeutics For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
11-06-2025
- Business
- Zawya
Private equity upturn hit by tariff turmoil, but winning firms will lean into turbulence
DUBAI, UAE —The global private equity upturn which was taking shape last year and extended into a relatively upbeat first quarter of 2025 is weakening as dealmaking and exits are hit by market and economic headwinds triggered by recent turmoil over tariffs, Bain & Company concludes in its 2025 Private Equity Midyear Report. The full impact from tariff turbulence on PE dealmaking is not yet clear, given lead times for deals to come to fruition. But early signs of a slowdown into the second quarter are exacerbating existing pressures on the industry to improve liquidity by accelerating exits, to distribute funds, and to source fresh capital, Bain finds. Indications of slowing buyout activity emerged in April with deal value 24% below the monthly average for Q1, and deal count down 22%, while the slowdown in dealmaking was mirrored on the exit side, notably by the effective shutdown of the IPO channel for exits, with offerings postponed or cancelled, Bain reports. These signs of weakness were in sharp contrast to previously optimistic first quarter trends pointing to a strong 12 months of dealmaking ahead, with credit markets open, falling debt costs, inflation under control and interest rates being reduced. Deal value in Q1, at $189 billion, was the highest since the second quarter of 2022, and around double the $95 billion seen in Q1 2024, while global buyout deal count was broadly in line with the 2024 trend. The emerging weakness evident in Q2 is a direct consequence of the uncertainty injected into PE players' long-term models by tariff volatility, just as investors' confidence was beginning to return, Bain's analysis says. But while it finds that constraints on PE dealmaking are likely to persist in the short-term, it also urges that successful PE firms should seize key opportunities amid the present uncertainties. It highlights continuing pressure for general partners (GPs) to do deals, with $1.2 trillion of available dry powder waiting to be invested by buyout funds – almost a quarter of which has been available for four years or more, making its deployment even more urgent. 'There's nothing fundamentally broken in the market. Buyers and sellers can still transact – and history shows that strategic buyers with a strong M&A agenda remain active in turbulent times. In any disruption there are winners and losers – and the best opportunities often come at the most extreme moments of uncertainty, something that's still true in 2025,' Hugh MacArthur, chairman of the global Private Equity practice at Bain & Company, said. 'It's not a foregone conclusion that 2025 will be a bad year. If the tariff uncertainty dissipates, momentum could return more quickly than many might imagine. Winning players will be poised to grasp emerging exit opportunities. And they will also anticipate what might come to the market – and form a clear view of what they want to own.' Bain's report underscores the critical role of a proactive approach to deals, alongside rigorous due diligence, for successful PE players to capitalize on persistently volatile conditions in the market. 'Whatever turns lie ahead, PE firms must excel at creative dealmaking, due diligence and value creation to make the most of the best opportunities that will flow out of today's uncertainty,' Rebecca Burack, global head of Bain & Company's Private Equity practice, said. 'That doesn't mean just pinpointing the short-term effects of tariffs on a company's demand, competitiveness and margins. Tomorrow's winners will be the firms that can also accurately gauge the long-term ability of portfolio companies to adjust to, and operate in, the new, post-global era. The winners in these conditions will also be those firms that operate on the front foot. When wait-and see is the default mode, it pays to be a catalyst. And with no end to the turbulence in sight, leaning into it is likely the best option.' Liquidity persists as a critical issue The second quarter slowdown in dealmaking is set to worsen an already critical issue for the PE industry over the lack of liquidity. A continuing logjam on PE exits leaves GPs sitting on unsold and aging portfolio companies, limiting their ability to return capital to limited partner (LP) investors and hampering fresh fund-raising. Bain's report highlights how recent fund-raising vintages are consistently lagging the industry's historical benchmarks for returning capital to LPs. In the face of this, LPs are also increasingly dissatisfied with the use of partial or minority exits, and are increasingly pushing for traditional, full realizations despite the headwinds confronted by such transactions, Bain notes. It points to LPs increasing use of the secondaries market to realize cash or rebalance their portfolios. But it cautions that, despite strong growth momentum, the secondaries market is far from mature enough to solve PE's broader liquidity needs, amounting to under 5% of PE assets under management globally. Fund-raising challenges mounting Fund-raising by PE remains a further key area of challenge for the industry, despite strength in some categories, such as secondaries and infrastructure. Global buyout fundraising has fallen for five consecutive quarters and may only narrowly avoid a sixth quarter of decline in Q2, Bain reports. Q1 this year was the first quarter in a decade in which no buyout fund over $5 billion closed – a pointed illustration of two recent trends: a decline in the average size of funds raised and a drop in the number of funds closing. Bain suggests that while this downtrend in buyout fundraising may now be bottoming out, the outlook for this remains challenged, with investors closely monitoring allocations given weak distributions by GPs. Hope for a recovery in inflows of fresh capital to the industry is now likely to have been pushed out to 2026, the report concludes. With more than 18,000 private capital funds on the road seeking a collective $3.3 trillion in capital, Bain notes that there is some $3 of demand for capital for every $1 of current capital supply. Whether the emergence of private wealth as a funding source can ease that mismatch remains to be seen, the report adds. Against this backdrop, and amid the present geopolitical flux, Bain sees little doubt that broad shifts in the PE industry are underway as investors rethink their exposures across asset classes and geographies. In this context, the report concludes that GPs will need to probe their assumptions about where future capital will come from and continue the industry's move away from informal fund-raising to a more systemic approach. Navigating uncertainty While Bain observes that the volatility of recent months makes mid-year predictions more difficult than usual, it concludes that the PE industry needs to accept a changed world in which a fundamental reordering of global trade patterns and geopolitics is underway. It concludes that, in this context, almost all portfolio companies will need to rethink how they do business, while the assumptions that underpinned their strategies at the start of this year may now be obsolete. In the less benign environment that has emerged, Bain argues that, in order to expand valuation multiples, PE firms will now need to prioritize improving the earnings of portfolio businesses through a mix of cost control and sales acceleration. Even if cost programs have been run recently at portfolio companies, the report advises that managements look to generative AI, which is enabling productivity measures which were not possible just a few quarters ago. Operating leverage will be increasingly important to ensure revenue growth leads to stronger margins, it adds. At the same time, Bain counsels that GPs may need to refresh or extend value-creation plans for their portfolio businesses to convince buyers there are new chapters of growth ahead for these companies. Clear evidence of EBITDA growth which shows real progress, will be essential to make that narrative convincing, it says. About Bain & Company Bain & Company is a global consultancy that helps the world's most ambitious change makers define the future. Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today's urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a platinum rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 1% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.
The Age
11-06-2025
- Business
- The Age
WA ‘not doing enough' to fix worsening housing crisis
The scale and severity of Western Australia's housing crisis for both renters and home owners with a mortgage has been laid bare as new data reveals more than 210,000 households now consider the situation to be unaffordable. The Bankwest Curtin Economics Centre's Housing Affordability in Western Australia 2025 Report, released late on Wednesday night, showed that number was up by 91 per cent since 2022. Only 39 per cent of WA renters and 48 per cent of mortgage holders now believe housing is affordable. The report draws on new insights from the 2024 Australian Housing Conditions Data Infrastructure Survey, which captures national lived housing experiences, as well as WA suburb-level rental analysis to present a comprehensive picture of the state's housing pressures. It showed there has been growing pressure across the state from rapid population growth, sluggish housing supply, soaring rents and construction delays. While more than 20,000 homes were completed in 2024 – the highest number since 2017 – WA still fell 4000 homes short of the National Housing Accord target. 'We are witnessing a breakdown in the ability of the state's housing system to meet the needs of ordinary West Australians.' Alan Duncan Perth was also 7700 rental homes short of simply keeping pace with population growth from March 2023 to the end of 2024. That shortfall in rental stock has driven the median weekly rent to $740 — a 76 per cent increase since 2020.
Sydney Morning Herald
11-06-2025
- Business
- Sydney Morning Herald
WA ‘not doing enough' to fix worsening housing crisis
The scale and severity of Western Australia's housing crisis for both renters and home owners with a mortgage has been laid bare as new data reveals more than 210,000 households now consider the situation to be unaffordable. The Bankwest Curtin Economics Centre's Housing Affordability in Western Australia 2025 Report, released late on Wednesday night, showed that number was up by 91 per cent since 2022. Only 39 per cent of WA renters and 48 per cent of mortgage holders now believe housing is affordable. The report draws on new insights from the 2024 Australian Housing Conditions Data Infrastructure Survey, which captures national lived housing experiences, as well as WA suburb-level rental analysis to present a comprehensive picture of the state's housing pressures. It showed there has been growing pressure across the state from rapid population growth, sluggish housing supply, soaring rents and construction delays. While more than 20,000 homes were completed in 2024 – the highest number since 2017 – WA still fell 4000 homes short of the National Housing Accord target. 'We are witnessing a breakdown in the ability of the state's housing system to meet the needs of ordinary West Australians.' Alan Duncan Perth was also 7700 rental homes short of simply keeping pace with population growth from March 2023 to the end of 2024. That shortfall in rental stock has driven the median weekly rent to $740 — a 76 per cent increase since 2020.
Zawya
02-06-2025
- Business
- Zawya
Private equity upturn hit by tariff turmoil, but winning firms will lean into turbulence to seize opportunities amid the uncertainty
DUBAI, UAE — The global private equity upturn which was taking shape last year and extended into a relatively upbeat first quarter of 2025 is weakening as dealmaking and exits are hit by market and economic headwinds triggered by recent turmoil over tariffs, Bain & Company concludes in its 2025 Private Equity Midyear Report. The full impact from tariff turbulence on PE dealmaking is not yet clear, given lead times for deals to come to fruition. But early signs of a slowdown into the second quarter are exacerbating existing pressures on the industry to improve liquidity by accelerating exits, to distribute funds, and to source fresh capital, Bain finds. Indications of slowing buyout activity emerged in April with deal value 24% below the monthly average for Q1, and deal count down 22%, while the slowdown in dealmaking was mirrored on the exit side, notably by the effective shutdown of the IPO channel for exits, with offerings postponed or cancelled, Bain reports. These signs of weakness were in sharp contrast to previously optimistic first quarter trends pointing to a strong 12 months of dealmaking ahead, with credit markets open, falling debt costs, inflation under control and interest rates being reduced. Deal value in Q1, at $189 billion, was the highest since the second quarter of 2022, and around double the $95 billion seen in Q1 2024, while global buyout deal count was broadly in line with the 2024 trend. The emerging weakness evident in Q2 is a direct consequence of the uncertainty injected into PE players' long-term models by tariff volatility, just as investors' confidence was beginning to return, Bain's analysis says. But while it finds that constraints on PE dealmaking are likely to persist in the short-term, it also urges that successful PE firms should seize key opportunities amid the present uncertainties. It highlights continuing pressure for general partners (GPs) to do deals, with $1.2 trillion of available dry powder waiting to be invested by buyout funds – almost a quarter of which has been available for four years or more, making its deployment even more urgent. 'There's nothing fundamentally broken in the market. Buyers and sellers can still transact – and history shows that strategic buyers with a strong M&A agenda remain active in turbulent times. In any disruption there are winners and losers – and the best opportunities often come at the most extreme moments of uncertainty, something that's still true in 2025,' Hugh MacArthur, chairman of the global Private Equity practice at Bain & Company, said. 'It's not a foregone conclusion that 2025 will be a bad year. If the tariff uncertainty dissipates, momentum could return more quickly than many might imagine. Winning players will be poised to grasp emerging exit opportunities. And they will also anticipate what might come to the market – and form a clear view of what they want to own.' Bain's report underscores the critical role of a proactive approach to deals, alongside rigorous due diligence, for successful PE players to capitalize on persistently volatile conditions in the market. 'Whatever turns lie ahead, PE firms must excel at creative dealmaking, due diligence and value creation to make the most of the best opportunities that will flow out of today's uncertainty,' Rebecca Burack, global head of Bain & Company's Private Equity practice, said. 'That doesn't mean just pinpointing the short-term effects of tariffs on a company's demand, competitiveness and margins. Tomorrow's winners will be the firms that can also accurately gauge the long-term ability of portfolio companies to adjust to, and operate in, the new, post-global era. The winners in these conditions will also be those firms that operate on the front foot. When wait-and see is the default mode, it pays to be a catalyst. And with no end to the turbulence in sight, leaning into it is likely the best option.' Liquidity persists as a critical issue The second quarter slowdown in dealmaking is set to worsen an already critical issue for the PE industry over the lack of liquidity. A continuing logjam on PE exits leaves GPs sitting on unsold and aging portfolio companies, limiting their ability to return capital to limited partner (LP) investors and hampering fresh fund-raising. Bain's report highlights how recent fund-raising vintages are consistently lagging the industry's historical benchmarks for returning capital to LPs. In the face of this, LPs are also increasingly dissatisfied with the use of partial or minority exits, and are increasingly pushing for traditional, full realizations despite the headwinds confronted by such transactions, Bain notes. It points to LPs increasing use of the secondaries market to realize cash or rebalance their portfolios. But it cautions that, despite strong growth momentum, the secondaries market is far from mature enough to solve PE's broader liquidity needs, amounting to under 5% of PE assets under management globally. Fund-raising challenges mounting Fund-raising by PE remains a further key area of challenge for the industry, despite strength in some categories, such as secondaries and infrastructure. Global buyout fundraising has fallen for five consecutive quarters and may only narrowly avoid a sixth quarter of decline in Q2, Bain reports. Q1 this year was the first quarter in a decade in which no buyout fund over $5 billion closed – a pointed illustration of two recent trends: a decline in the average size of funds raised and a drop in the number of funds closing. Bain suggests that while this downtrend in buyout fundraising may now be bottoming out, the outlook for this remains challenged, with investors closely monitoring allocations given weak distributions by GPs. Hope for a recovery in inflows of fresh capital to the industry is now likely to have been pushed out to 2026, the report concludes. With more than 18,000 private capital funds on the road seeking a collective $3.3 trillion in capital, Bain notes that there is some $3 of demand for capital for every $1 of current capital supply. Whether the emergence of private wealth as a funding source can ease that mismatch remains to be seen, the report adds. Against this backdrop, and amid the present geopolitical flux, Bain sees little doubt that broad shifts in the PE industry are underway as investors rethink their exposures across asset classes and geographies. In this context, the report concludes that GPs will need to probe their assumptions about where future capital will come from and continue the industry's move away from informal fund-raising to a more systemic approach. Navigating uncertainty While Bain observes that the volatility of recent months makes mid-year predictions more difficult than usual, it concludes that the PE industry needs to accept a changed world in which a fundamental reordering of global trade patterns and geopolitics is underway. It concludes that, in this context, almost all portfolio companies will need to rethink how they do business, while the assumptions that underpinned their strategies at the start of this year may now be obsolete. In the less benign environment that has emerged, Bain argues that, in order to expand valuation multiples, PE firms will now need to prioritize improving the earnings of portfolio businesses through a mix of cost control and sales acceleration. Even if cost programs have been run recently at portfolio companies, the report advises that managements look to generative AI, which is enabling productivity measures which were not possible just a few quarters ago. Operating leverage will be increasingly important to ensure revenue growth leads to stronger margins, it adds. At the same time, Bain counsels that GPs may need to refresh or extend value-creation plans for their portfolio businesses to convince buyers there are new chapters of growth ahead for these companies. Clear evidence of EBITDA growth which shows real progress, will be essential to make that narrative convincing, it says. Media Contacts: Christine Abi Assi – christine@ About Bain & Company Bain & Company is a global consultancy that helps the world's most ambitious change makers define the future. Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today's urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a platinum rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 1% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.
