Private equity is more stuck than ever — and secondaries will benefit

UK private equity deals crash to pandemic lows

UK private equity deals crashed to their lowest level since 2020 in the first quarter of this year, as a tepid IPO market and geopolitical uncertainty continued to hamper dealmaking. There were only 320 private equity deals in the first quarter of 2025, totalling £18bn, compared to 534 deals totalling £28.2bn in the quarter before, according to data from Pitchbook. Meanwhile, UK deals as a share of Europe’s deal activity fell to a record low, ma…

Private equity is more stuck than ever — and secondaries will benefit

Investors with cash during a crisis can benefit, but PE-owned companies tend to have a lot of debt

Private Equity Is More Stuck Than Ever — And Secondaries Will Benefit

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Who benefits when markets lurch? Generally, those sitting on giant piles of cash. Investors who find themselves with dry powder during a crisis can relieve overextended owners of their assets, ease liquidity crunches and hopefully minimise market contagion. All for a price, of course.  Think, for example, of buyout barons…