Moonfare’s Annual Outlook
Private markets in 2025: getting back in gear

Private market activity has gently swung back into action in 2024.¹ ² Deal activity is up year-on-year, while fundraising remains robust. Will this momentum carry into 2025, with exits finally catching up?

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In numbers

Private equity dealmakers regain confidence in 2024 after a prolonged lull
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Source: KPMG M&A deal market survey 2024
Appetite for European private equity is at near-record highs
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Source: PitchBook 2024, Data as of September 30, 2024
Demand for secondaries remains strong and steady
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Source: Evercore H1 2024
Ageing portfolios could help push GPs to accelerate asset sales
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Source: Preqin Pro, S&P Global | *Year to date through May 3, 2024

More 2025 insights

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Five macro themes that will shape 2025


With the election year largely behind us, the focus now shifts to fiscal challenges, resolving the ongoing conflicts, looming trade tensions and China’s slowdown.

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The case for PE as interest rates fall


Central banks are shifting toward looser monetary policies, which is expected to positively impact private equity dealmaking and portfolio management.³ ⁴

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The exit outlook is the brightest in years


With deal markets showing signs of thawing, one question is on everybody’s lips: when will exit markets kick back into gear? The signs suggest the stage is being set for a recovery.⁵ ⁶ ⁷

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PE is consolidating: the good and the bad


Large GPs are acquiring smaller firms to build scale and diversify, creating a more concentrated market with mixed implications for investors.⁸

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Why are investors hungry for co-investments


Co-investments have long been a staple of the PE investing toolkit. The strategy has recently gained new attention from both institutional investors and fund managers.⁹ ¹⁰

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Why PE take-privates are taking off


Buyout houses are eyeing public-to-private deals as stock markets remain volatile and the private company valuations gap is limiting dealmaking to get into full swing.¹¹ ¹²

Sources
1Pitchbook 20242EY 20243S&P Global 20244Wealthmanagement.com 2024
5Pitchbook 20246PwC 20247Pitchbook 20248Pitchbook 2024
9Goldman Sachs Asset Management 202410Coller Capital 2023/202411Dechert 202412Pitchbook 2024
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