Tariffs, Interest Rates, and Dry Powder: Lessons from 2025 for the Year Ahead - Part A

In the latest episode of BDO's Private Equity PErspectives Podcast, Host Todd Kinney sits down with Kyle Bethancourt, Co-Founder and Managing Partner at Sallyport Investments, and Eliot Kerlin, Co-Founder and Managing Partner at Broadwing Capital, to discuss:Creative exit pathways to consider in 2026 as long holding periods persistHow AI is being deployed inside PE firms and across their portcosThe biggest challenges and opportunities ahead — from deal selectivity and leverage discipline to a potentially robust M&A environment

In the latest episode of BDO's Private Equity PErspectives Podcast, Host Todd Kinney sits down with Kyle Bethancourt, Co-Founder and Managing Partner at Sallyport Investments, and Eliot Kerlin, Co-Founder and Managing Partner at Broadwing Capital, to discuss:How tariff uncertainty and macro volatility shaped dealmaking in 2025Creative capital deployment strategies for a tight and competitive marketProprietary deal flow and operational value creation as a competitive edge in the lower middle market

In BDO's first Private Equity PErspectives podcast episode of 2026, Host Todd Kinney is joined by Nicolas Vega Llona, Principal at Lincolnshire, and Monty Yort, Managing Partner at GenNx360, to discuss:Deal flow expectations and how declining rates and dry powder are influencing valuations in 2026Creative deal structures that balance immediate DPI generation with long-term value creation opportunitiesStrategic investment themes including digital infrastructure, value-based healthcare, and onshoring trendsIf you enjoy the episode, check out BDO’s 2026 Private Equity Industry Predictions to see what else is on our radar for 2026.

In BDO's final Private Equity PErspectives podcast episode of 2025, Host Todd Kinney is joined by Nicolas Vega Llona, Principal at Lincolnshire, and Monty Yort, Managing Partner at GenNx360, to discuss:The biggest shifts in private equity throughout 2025 and how firms adaptedPortfolio company performance relative to expectations amid macro challengesHow proactive sourcing strategies helped firms find quality deals in a difficult marketBe on the lookout for part two in January, where Nico and Monty will explore exit strategies, creative deal structures, and where leading investors are placing their bets in 2026.

In part two of BDO's latest Private Equity PErspectives podcast episode, Host Todd Kinney is joined by Shane Tiemann, Partner at Gamut Capital, and Jon Schwartz, Partner at MRE Capital to discuss:How they’re establishing market differentiation amid increased competitionAdapting exit strategies as hold periods extend and continuation vehicles gain tractionMaintaining investment discipline and focus amid ongoing market uncertainty

In BDO's latest Private Equity PErspectives podcast episode, Host Todd Kinney is joined by Shane Tiemann, Partner at Gamut Capital, and Jon Schwartz, Partner at MRE Capital to discuss:The impacts of interest rate cuts on dealmaking strategies and investment outlooksHow both PE firms and family offices are prioritizing long-term value creationPractical strategies for helping portcos protect and improve margins amid macroeconomic pressures

On BDO's latest Private Equity PErspectives podcast episode, Host Todd Kinney is once again joined by Jason Frank, President and Chief Compliance Officer at BDO Capital Advisors, and Jamie Austin, Global Private Equity Leader and Partner at BDO UK. Together, they explore the findings from BDO’s 2025 PE Survey, including:Who PE firms currently view as the top competition for dealmakingEffective value creation strategies amid ongoing extended holding periodsThe top factors PE predict could accelerate M&A activity in 2025Investment banking products and services within the United States are offered exclusively through BDO Capital Advisors, LLC, a separate legal entity and affiliated company of BDO USA, P.C., a Virginia professional corporation. For more information, visit www.bdocap.com. Certain services may not be available to attest clients under the rules and regulations of public accounting. BDO Capital Advisors, LLC Member FINRA/SIPC.

On BDO's latest Private Equity Perspectives podcast episode, host Todd Kinney is joined by Jason Frank, President and Chief Compliance Officer at BDO Capital Advisors, and Jamie Austin, Global Private Equity Leader and Partner at BDO UK. Together, they unpacked the findings in BDO’s new 2025 Private Equity Survey, including:How post-Liberation Day market volatility has influenced dealmaking and the top factors impacting transactions.Why platform acquisitions have emerged as the leading capital deployment strategy as firms navigate uncertain times.What makes first-time investments particularly attractive in today's climate, especially for founder- and family-owned businesses.Investment banking products and services within the United States are offered exclusively through BDO Capital Advisors, LLC, a separate legal entity and affiliated company of BDO USA, P.C., a Virginia professional corporation. For more information, visit www.bdocap.com. Certain services may not be available to attest clients under the rules and regulations of public accounting. BDO Capital Advisors, LLC Member FINRA/SIPC.Turnaround and restructuring services as well as operational value creation services within the United States are offered through BDO Consulting Group, LLC, a separate legal entity and affiliated company of BDO USA, P.C., a Virginia professional corporation. Certain turnaround and restructuring services may not be available to attest clients of BDO USA under the rules and regulations of public accounting.

On BDO's latest Private Equity PErspectives podcast episode, host Todd Kinney is joined for a second time by Abhik Das, partner at Three Hills, and Blair Greenberg, partner at Bregal Sagemount. Together, they discussed:How AI is transforming portfolio company operations, from boosting gross margins to enhancing deal origination and due diligence processes.How firms are becoming more hands-on with portfolio companies to generate alpha and create value in today's challenging market environment.Why adaptability and scenario planning will be crucial for portfolio companies in 2025.

On BDO's latest Private Equity PErspectives podcast episode, host Todd Kinney is joined by Abhik Das, partner at Three Hills Capital Partners, and Blair Greenberg, partner at Bregal Sagemount. Together, they discussed:How modern PE firms are building specialized operational teams that transform portfolio companies beyond simply providing capital.Strategies for structuring investments that allow founders to maintain control while accelerating growth in an unpredictable market.What qualities make businesses attractive investment targets in today's middle market landscape.