S&P Global spoke to private equity partner Carl Marcellino about the upward trend in global private equity and venture capital deal value, which increased in the first half of 2025 as volume declined. The aggregate value grew 18.7% compared to the same period in 2024, according to S&P Global Market Intelligence data.
Carl attributed the growth to a higher number of large deals, which are less vulnerable to market uncertainty.
"The choppiness of the market lends itself when you're doing control acquisitions or larger transactions. When financing markets aren't cooperating, that's harder. But when they are, those deals can get done," Carl said.
Carl added that minority transactions are on the rise.
Minority deals “give [dealmakers] an ability to take up the valuation, but not have to write as big a check," he said.
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