Race to Gain Scale Drives Consolidation in Private Markets -- Market Talk

Dow Jones03-21

1750 ET - An increased need to expand to remain competitive is fostering consolidation among private-market investment firms, resulting in ever larger asset managers of the likes of Ares, Apollo and Blue Owl, according to Evercore. "There are so many areas across private markets where scale matters," the investment bank says in a report. As examples, it cites private credit, infrastructure and private-wealth strategies, as well as the secondary market for fund stakes. Also, limited access to capital is turning smaller, specialized investment firms into willing acquisition targets looking to "be part of a broader and more diversified platform," Evercore adds. "[About] 40% of private-equity firms haven't raised capital in five years, and we think plenty of small, medium and/or middling performing managers are really struggling to raise capital." (luis.garcia@wsj.com; @lhvgarcia)

(END) Dow Jones Newswires

March 21, 2025 17:50 ET (21:50 GMT)

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