Sector Performance

In 2025, the private equity sector moved from caution to renewed momentum. Activity remained subdued in the first half of the year amid geopolitical tensions and tariff uncertainty but rebounded in the second half of the year as valuation gaps narrowed and deal confidence improved.

A defining theme was growing use of capital and liquidity solutions, as sponsors and investors turned to flexible structures to generate liquidity, optimize balance sheets, and support both investment and exit activity. These included GP-led continuation vehicles, GP stakes transactions, and other structured solutions. The year also saw continued acquisition and consolidation among asset managers seeking greater scale and expanded product offerings.

Hogan Lovells Activities

Our Private Equity team advised on a broad range of transactions globally, supporting sponsors and investors throughout the deal lifecycle. Our work spanned buyouts, take-privates, minority and co-investment transactions, secondaries, portfolio company matters, and exits across sectors and jurisdictions.

We published thought leadership on key industry themes, including private equity investment in energy, infrastructure, and defense, as well as GP stakes, secondaries, and regulatory-driven developments. We also hosted and participated in client events across key global markets, bringing together investors and in-house professionals to exchange insights and perspectives on evolving market dynamics.