JPMorgan’s M&A chief sees softer 2027–but a potential upside surprise in private equity exits
Fortune · Morgan Chittum ·
PE firms have spent years waiting for a better time to sell. By the second half of 2027, some may have to stop waiting, says JPMorgan’s global head of M&A.
Morgan Chittum here. Private equity firms have spent years waiting for a better time to sell. By the second half of 2027, some may have to stop waiting.
That’s the view of Charlie Bouckaert, JPMorgan’s global head of M&A. He expects sponsors to start moving towards liquidity—not because he sees a dealmaking boom ahead, but because they’re running out of reasons to put it off. Their holdings are getting older, refinancing deadlines are approaching, and investors want their money back.
“Ultimately, the private equity business model is reliant on exiting and returning capital to LPs,” Bouckaert told me. “And so that’s going to have to happen.”