Sector performance

Following the decline in private equity dealmaking in 2022 and 2023, deal volume gradually rebounded in the first half of 2024, with stronger momentum in the second half of the year. This improvement was driven in part by declining inflation and interest rates, as well as increased political stability following elections in key jurisdictions such as the United States and the UK. Competition for premium assets remained strong throughout the year.

Sponsors turned to alternative transaction structures — including using NAV lending, structured preferred equity, and GP-led transactions — to realize cash from investments and return distributions to limited partners without fully exiting their portfolio companies.

Hogan Lovells activities

In 2024, our Private Equity team partnered with private equity clients on their high-end and mid-market transactions across the globe. We advised on the full spectrum of investment activities, including private M&A, take-privates, minority investments, joint ventures, co-investments, secondaries, and exits. Our team advised clients on transactions in highly regulated sectors, including financial services, insurance, energy and infrastructure, life sciences and health care, and sports, media and entertainment.

We continued to cement our position as one of the leading global Secondaries practices in the market, advising secondary funds, institutional investors, and other industry participants on the full range of secondaries transactions, including general partner (GP)-led liquidity solutions.