News & Events

Atif Azher, Managing Partner of the Firm’s Palo Alto Office, and Michael Wolitzer, Chair of Funds and Funds Adjacencies, were quoted in a Law360 article examining the state of the private equity market during the first half of 2025 and outlook for the remainder of the year amid a turbulent environment, including uncertainty surrounding tariffs and antitrust regulations.

“This evolving landscape requires a recalibration of expectations and a reevaluation of comfort with varying levels of risk and changing valuations based on equity markets,” Atif said, adding that he expects dealmaking to pick up in the second half of the year due to pent-up demand and significant levels of dry powder: “Sponsors and companies want to get back to dealmaking—it remains a significant driver for growth.”

Michael noted that the slowdown in deal activity has also crept into the fundraising space, resulting in a “somewhat stagnant fundraising environment” with some funds achieving success while others struggle. "Amid this complexity, a clear trend has emerged: Limited partners are prioritizing their investments with sponsors who have demonstrated a consistent history of success or are sufficiently differentiated that they complement the limited partner's existing portfolio,” he said. “This has become a defining characteristic of the industry.”

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