Dealcast: The M&A Podcast

“A land of opportunity” full of “hidden champions” across strategic sectors. That’s how Eurazeo co-CEOs William Kadouch-Chassaing and Christophe Bavière class Europe, as the Paris-listed sponsor eyes deployment opportunities from energy transition and defence through to tech-enabled services and healthcare.In this week’s episode of Dealcast, the co-CEOs engage in a wide-ranging discussion with Mergermarket executive editor Lucinda Guthrie, painting a dynamic picture of a continent decisively embracing a pro-competitiveness agenda, particularly at the European Union (EU) level.Amid efforts to unlock insurance and pension fund cash for investment in GPs, Bavière and Kadouch-Chassaing run the rule on how the EU is also building an AI sandbox and creating conditions for scale-ups to remain in Europe, creating a strong primary buyout pipeline.With EUR 39bn in assets under management, Eurazeo’s co-CEOs lift the hood on how to pitch LPs on investment across Europe’s strategic pillars, explore the firm’s approach to evergreen capital and reveal their approach to attracting the continent’s best entrepreneurs.Given Europeans are sitting on EUR 35tn in savings, Bavière and Kadouch-Chassaing believe the opportunity to deploy to build new European champions is massive, with the EU’s focus on sovereignty a key card to play in a fractured geopolitical environment.

As 2026 kicks off, many GPs are beginning to assess exits for assets they purchased at peak valuation and with cheap debt in the 2020/2021 period. Sponsor entrances for that period were just shy of EUR 300bn, representing the busiest year ever for M&A.Rachel Lewis, Mergermarket’s co-head of news in Europe, has compiled a data report looking at the situation with this vintage class now that typical hold periods are coming to an end. Lewis joins Dealcast host Julie-Anna Needham to discuss how sponsors are attempting to realize liquidity, with around two-thirds of assets from that time still unrealized.This episode explores why conditions were so good in 2020/2021 and why the market hasn’t recovered from a subsequent dip in 2022. It looks into which sectors are doing well, like industrials and chemicals, and why investors are more “risk off” when it comes to software assets. They also discuss how successful exits have taken shape and the methods investors are using, including specialty deal terms, to bridge the valuation gap.This Dealcast answers questions such as: Why aren’t dual track processes as popular as they were expected to be at the start of year? Which particular deals stand out? How are geopolitics are impacting market conditions? And can LPs forgive a bad vintage?

Seema Hingorani, managing director and member of the Operating Committee at Morgan Stanley Investment Management (MSIM) talks to Lucinda Guthrie, executive editor at Mergermarket in this episode of Dealcast marking International Women’s Day.Investing “where nobody’s looking” opens up the prospect of making a “boatload of money”, and when this means allocating to diverse teams allocators are changing the world as they do this, Hingorani argues.Hingorani reflects on her own storied journey as an asset allocator from hedge fund entrepreneurship, through to her tenure until 2014 as CIO of New York City Retirement Systems, which had assets of USD 160bn to her current role at Morgan Stanley Investment Management.Struck by the lack of female talent within the industry, Hingorani noted the major opportunity cost not only for women who could build outstanding careers but also for investors lacking a range of perspectives for how to put their money to work.This observation led her to found Girls Who Invest in 2015, an institution that continues to build awareness of career pathways in the investment world and now counts 4,000 alumni across 200 universities.From talent development to retention and investor returns to public service, this episode is a fascinating insight into a major Wall Street player at the top of her game, who has created a movement that is attracting and training top female talent into the finance industry.

Around the world, many LPs are looking to diversify away from the US' recent instability. So how are investors viewing Asia and what is happening on the ground?The Asian Venture Capital Journal’s (AVCJ) managing editor Tim Burroughs joins AVCJ’s associate editor Justin Niessner to discuss what is driving investors to diversify into Asia and what challenges they face in the region.In this Dealcast, the two discuss how Asia is perceived as a market with good deals and less expensive valuations. For example, many firms are able to gain a foothold in the AI market at a lower price than they could in the US. Those comfortable with the geopolitics in China may see even more opportunities to diversify.This episode also explores: How sovereign wealth funds factoring into private equity in Asia. Whether Japan and India are still the favourites of the region. And how fund managers are viewing a pan-regional approach.

After the Trump administration revoked the 2009 Endangerment Finding that underpinned federal actions curbing greenhouse gases in February 2026, there is a sense that we are reaching a peak of anti-ESG sentiment.However, Professor Michel Driessen, director of Bayes Business School’s M&A Research Centre and chair of Queen’s Tower Advisory, argues environmental, social, and governance (ESG) issues should be treated as a substantial business risk – and ignored at business owners’ peril.ESG policies are more than just the “E”, though the term has become highly politicized, with a heavy focus on the environmental aspects.Companies have gone from greenwashing a few years ago to “green hiding” today, making it difficult for investors to assess the financial value of ESG measures that are going underreported.At a time when anti-ESG sentiment feels rampant, Driessen, co-author of Green Gold: How Sustainability Creates Deal Value, joins Mergermarket’s global executive editor Lucinda Guthrie to discuss the importance of these measures in M&A.In this episode of Dealcast, the guests explore questions including: When will anti-ESG sentiment start to cool? How can AI support ESG reporting? And why are the palm oil industry and Boohoo such a good case studies for the complexities of ESG beyond just environmental standards?Green Gold: How Sustainability Creates Deal Value will be available from 26 February.