Global co-head of PE Chris Field and funds partner Sam Kay see greater certainty for private equity post-U.S. election, with likely tax reductions and deregulation leading to more M&A and exits.
In the latest episode of PE in a Pod, I talk to Dechert’s co-head of Private Equity Chris Field and funds partner Sam Kay about the law firm’s recently published Global Private Equity Report for 2025.
A key point they home in on is the industry’s concerns over cybersecurity, which is one of the top four challenges facing private equity firms, according to the report. A point to be stressed: too few firms have an operational and compliant cybersecurity programme in place.
“Deal activity can leave PE firms particularly vulnerable to cyber-attacks,” the report says, particularly highlighting the opportunities for cybercriminals to target employees post-merger as portfolio companies are integrated. As Field argues in the podcast: It’s part of a law firm’s diligence to report on the cyber-security aspects of a deal.
Donald Trump’s victory in the U.S. presidential election has left some of the report’s gloomier findings looking out of date – particularly the view of 68% of correspondents, from a survey taken last July, that market conditions for liquidity events over the next twelve months will be unfavourable. On the contrary, say Field and Kay, the prospect for exits, M&A and therefore for fundraising are definitely looking up.
However, the report has been updated with a “U.S. election special” which suggests PE firms are still cautious. “Our research suggests that (the election’s) impact on investments currently held by PE firms is likely to be less significant, particularly outside of the U.S.” Some U.S. respondents, it says are even concerned that a second Trump term “will prove less supportive of their portfolios than a Kamala Harris victory would have delivered.”
In the latest episode of PE in a Pod, I talk to Dechert’s co-head of Private Equity Chris Field and funds partner Sam Kay about the law firm’s recently published Global Private Equity Report for 2025.
A key point they home in on is the industry’s concerns over cybersecurity, which is one of the top four challenges facing private equity firms, according to the report. A point to be stressed: too few firms have an operational and compliant cybersecurity programme in place.
“Deal activity can leave PE firms particularly vulnerable to cyber-attacks,” the report says, particularly highlighting the opportunities for cybercriminals to target employees post-merger as portfolio companies are integrated. As Field argues in the podcast: It’s part of a law firm’s diligence to report on the cyber-security aspects of a deal.
Donald Trump’s victory in the U.S. presidential election has left some of the report’s gloomier findings looking out of date – particularly the view of 68% of correspondents, from a survey taken last July, that market conditions for liquidity events over the next twelve months will be unfavourable. On the contrary, say Field and Kay, the prospect for exits, M&A and therefore for fundraising are definitely looking up.
However, the report has been updated with a “U.S. election special” which suggests PE firms are still cautious. “Our research suggests that (the election’s) impact on investments currently held by PE firms is likely to be less significant, particularly outside of the U.S.” Some U.S. respondents, it says are even concerned that a second Trump term “will prove less supportive of their portfolios than a Kamala Harris victory would have delivered.”