Dealcast: The M&A Podcast

“We can see every risk or dislocation as an opportunity.”  Although fundraising, exits, and investment have slowed, this is how Pamela Fung, a managing director and partner on Morgan Stanley's Private Equity Solutions team, sees the current state of private equity investment in Asia.Perceived risk has increased in the region in recent years amid China’s regulatory reset, tariffs, geopolitical tensions, and now war in the Middle East. In this episode of Dealcast, Fung joins Justin Niessner, the associate editor of the Asian Venture Capital Journal, to discuss where opportunity lies in the region. From deep innovation happening in areas like Chinese AI and robotics to underpenetrated industries in countries where many national economies show potential for “leapfrog” growth.  This episode explores: why GPs need to be hands-on with Asian investments, how policy initiatives and talent pools in countries like India are encouraging for investors, and how Morgan Stanley’s research aims to demystify the region.

The SEC is somewhat unsurprisingly shifting “back to basics” under the Trump 2.0 administration, according to Edward Best, a partner at Willkie Farr & Gallagher on the corporate and financial services team and co-chair of the capital markets practice. During the Biden presidency, the agency focused on technical violations and retrieved billions of dollars in settlements, whereas the current leadership is focusing more on protecting investors and making capital markets more efficient, Best argues.In this episode of Dealcast, Best joins Mergermarket’s co-head of Americas ECM Troy Hooper, to discuss how this shift in agenda is impacting capital markets. They discuss how the SEC is trying to simplify IPO processes and why it’s considering moving away from quarterly to semi-annual reporting for public companies.The episode explores what kinds of deals are doing well, from follow-on offerings to IPOs. It looks at the shift away from startups to more established companies with well-founded financials. It also delves into the companies and industries that are perhaps less flashy, but are drawing increasing IPO interest, like construction companies, retail businesses, and widget-makers.With questions addressed like, which companies could be listing this year, why the market has seen a resurgence of SPACs over the last twelve months, and how volatility is impacting investor decision making, this episode is not one to miss.

“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.