Despite persistent uncertainty in global markets, 2024 was the year that private equity began to emerge from a multi-year fog, with a rebound in dealmaking and distributions. Our Global Private Markets Report for 2025 revealed an industry that is more resilient, more innovative, and perhaps stronger than before. To discuss the nuances of that report we are joined by two of the report’s authors, Alex Edlich and Christopher Croke.

Alex is a senior partner in our New York office where he helps private equity and financial services clients achieve superior performance, by driving innovation with new technology. He is a senior leader in our Financial Services, Private Capital, and Digital Practices. Christopher Croke is a partner in our London office, where he is a leader in our Private Capital Practice. He advises private equity firms on their investments and strategy and helps the companies they own with their strategy and value creation.

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Global Private Markets Report 2025: Private equity emerging from the fog

Insights on Private Capital

Deal Volume Podcast

CEO alpha: A new approach to generating private equity outperformance

 

Despite persistent uncertainty in global markets, 2024 was the year that private equity began to emerge from a multi-year fog, with a rebound in dealmaking and distributions. Our <a href="https://www.mckinsey.com/industries/private-capital/our-insights/global-private-markets-report">Global Private Markets Report for 2025</a> revealed an industry that is more resilient, more innovative, and perhaps stronger than before. To discuss the nuances of that report we are joined by two of the report&rsquo;s authors, <a href="https://www.mckinsey.com/our-people/alexander-edlich">Alex Edlich</a> and <a href="https://www.linkedin.com/in/christopher-croke-17656823/?originalSubdomain=uk">Christopher Croke</a>.
Alex is a senior partner in our New York office where he helps private equity and financial services clients achieve superior performance, by driving innovation with new technology. He is a senior leader in our Financial Services, Private Capital, and Digital Practices. Christopher Croke is a partner in our London office, where he is a leader in our Private Capital Practice. He advises private equity firms on their investments and strategy and helps the companies they own with their strategy and value creation.
Related insights
<a href="https://www.mckinsey.com/industries/private-capital/our-insights/global-private-markets-report">Global Private Markets Report 2025: Private equity emerging from the fog</a>
<a href="https://www.mckinsey.com/industries/private-capital/our-insights">Insights on Private Capital</a>
<a href="https://podcasts.apple.com/gb/podcast/deal-volume/id1687547933">Deal Volume Podcast</a>
<a href="https://www.mckinsey.com/industries/private-capital/our-insights/ceo-alpha-a-new-approach-to-generating-private-equity-outperformance">CEO alpha: A new approach to generating private equity outperformance</a>
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We talk with McKinsey partners and corporate executives on the challenges they face creating lasting strategies in a fast-changing world. We also examine the different ways these executives approach these challenges and the new and innovative ways they think of creating a vision for their enterprises.

What does it take to survive in a world of constant change? More than ever, enterprises need to create strategies that can meet current needs but also adapt to future demand. A regular series of interviews with McKinsey partners and corporate executives.

Inside the Strategy Room

The world is moving faster, and as upheaval becomes the norm, vast business opportunities will be within the grasp of the extraordinary few.  But it takes bold people and courageous approaches to seize those opportunities and create value.

In each episode of our weekly podcast, we interview the world’s highest-performing CEOs, CFOs, innovators, and McKinsey experts and discuss how they build the courage, clarity, conviction, and cohesion that allow their businesses to win by moving faster than the world around them. 

The world is moving faster, and as upheaval becomes the norm, vast business opportunities will be within the grasp of the extraordinary few. &nbsp;But it takes bold people and courageous approaches to seize those opportunities and create value.
In each episode of our weekly podcast, we interview the world&rsquo;s highest-performing CEOs, CFOs, innovators, and McKinsey experts and discuss how they build the courage, clarity, conviction, and cohesion that allow their businesses to win by moving faster than the world around them.&nbsp;

241. The path forward for private equity 

More than 55 percent of large spin-offs fail to deliver the expected value three years post-spin; this is true for both the parent and the new company. However, even in today’s complex macro environment, there is plenty of spin activity as companies look outside the portfolio in pursuit of more focused strategies, fit-for-purpose operating models, and optimized capital management.

Join us as Jamie Koenig and Anna Mattson, co-leaders of our Global Separations Practice, discuss their recent article on the topic and step through five critical moves that help increase the odds of spin-off success. They also share a wealth of insights gleaned from several decades of deal experience, including what a new SpinCo CEO should expect.  

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Beating the odds: What really matters for successful spin-offs

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When separating businesses, people are the key to unleashing value

More than 55 percent of large spin-offs fail to deliver the expected value three years post-spin; this is true for both the parent and the new company. However, even in today&rsquo;s complex macro environment, there is plenty of spin activity as companies look outside the portfolio in pursuit of more focused strategies, fit-for-purpose operating models, and optimized capital management.
Join us as&nbsp;<a href="https://www.mckinsey.com/our-people/jamie-koenig?cid=cl4c-cml&amp;sid=CL4C">Jamie Koenig</a> and <a href="https://www.mckinsey.com/our-people/anna-mattsson?cid=cl4c-cml&amp;sid=CL4C">Anna Mattson</a>, co-leaders of our Global Separations Practice, discuss <a href="https://www.mckinsey.com/capabilities/m-and-a/our-insights/beating-the-odds-what-really-matters-for-successful-spin-offs?cid=cl4c-cml&amp;sid=CL4C">their recent article</a> on the topic and step through five critical moves that help increase the odds of spin-off success. They also share a wealth of insights gleaned from several decades of deal experience, including what a new SpinCo CEO should expect.&nbsp;&nbsp;
Related Insights
<a href="https://www.mckinsey.com/capabilities/m-and-a/our-insights/beating-the-odds-what-really-matters-for-successful-spin-offs?cid=cl4c-cml&amp;sid=CL4C">Beating the odds: What really matters for successful spin-offs</a>
<a href="https://www.mckinsey.com/capabilities/m-and-a/our-insights/top-m-and-a-trends">2026 M&amp;A trends: Navigating a rapidly rebounding market</a>
<a href="https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/when-separating-businesses-people-are-the-key-to-unleashing-value">When separating businesses, people are the key to unleashing value</a>

309. Five key moves to create value in spinoffs

Today’s board members face growing demands on their time. A challenging macro environment and ever-evolving business risks are increasing meeting frequency and requiring faster decision-making. For executives considering a board role, the developmental opportunity may be clear — but what does the role really involve?

In this episode, McKinsey senior partner emeritus and board director, Celia Huber speaks with Christiana Smith Shi. Christiana is the former President of Nike’s direct-to-consumer division and a seasoned board member with over 14 years of service, including on the boards of Williams Sonoma and Mondelēz International. She currently serves on the boards of Columbia Sportswear and UPS, and as Chair of Habitat for Humanity. In a wide-ranging conversation, Christiana opens the boardroom door to discuss topics including the differences between not-for-profit and corporate boards, the dynamics of CEO transitions, and what drives board effectiveness.

Related Insights 

The Board Perspective 

How boards can tackle geopolitical risk

The board’s role in managing emerging AI risks

The AI reckoning: How boards can evolve

CEO Insights: Forging stronger CEO–board partnerships

Today&rsquo;s board members face growing demands on their time. A challenging macro environment and ever-evolving business risks are increasing meeting frequency and requiring faster decision-making. For executives considering a board role, the developmental opportunity may be clear &mdash; but what does the role really involve? In this episode, McKinsey senior partner emeritus and board director, Celia Huber speaks with Christiana Smith Shi. Christiana is the former President of Nike&rsquo;s direct-to-consumer division and a seasoned board member with over 14 years of service, including on the boards of Williams Sonoma and Mondelēz International. She currently serves on the boards of Columbia Sportswear and UPS, and as Chair of Habitat for Humanity. In a wide-ranging conversation, Christiana opens the boardroom door to discuss topics including the differences between not-for-profit and corporate boards, the dynamics of CEO transitions, and what drives board effectiveness.
Related Insights&nbsp;
<a href="https://www.mckinsey.com/featured-insights/leadership/the-board-perspective-number-4">The Board Perspective </a>
<a href="https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/how-boards-can-tackle-geopolitical-risk">How boards can tackle geopolitical risk</a>
<a href="https://www.mckinsey.com/capabilities/mckinsey-technology/overview/cybersecurity/the-boards-role-in-managing-emerging-ai-risks">The board&rsquo;s role in managing emerging AI risks</a>
<a href="https://www.mckinsey.com/capabilities/mckinsey-technology/our-insights/the-ai-reckoning-how-boards-can-evolve">The AI reckoning: How boards can evolve</a>
<a href="https://www.mckinsey.com/locations/mckinsey-client-capabilities-network/our-work/strategic-and-change-communications/the-communications-exchange/ceo-insights-forging-stronger-ceo-board-partnerships">CEO Insights: Forging stronger CEO&ndash;board partnerships</a>

308. From the C-Suite to the boardroom: Christiana Smith Shi on what it takes 

Buy-side carve-outs can create significant value for acquiring companies, but they can also present complex challenges. In this episode, we’re joined by Kameron Kordestani, Anna Mattson, and Rui Silva to discuss how leaders—particularly CFOs, integration managers, and CHROs—must balance financial structuring, operational planning, and people management to ensure a value-creating transition.

Related insights

How buyers can successfully navigate integrating a carve-out

The power of goodbye: How carve-outs can unleash value

Solving the carve-out conundrum

Buy-side carve-outs can create significant value for acquiring companies, but they can also present complex challenges. In this episode, we&rsquo;re joined by&nbsp;<a href="https://www.linkedin.com/in/kameronkordestani">Kameron Kordestani</a>, <a href="https://www.mckinsey.com/our-people/anna-mattsson">Anna Mattson</a>, and <a href="https://www.mckinsey.com/our-people/rui-silva">Rui Silva</a> to discuss how leaders&mdash;particularly CFOs, integration managers, and CHROs&mdash;must balance financial structuring, operational planning, and people management to ensure a value-creating transition.
Related insights
<a href="https://www.mckinsey.com/capabilities/m-and-a/our-insights/how-buyers-can-successfully-navigate-integrating-a-carve-out">How buyers can successfully navigate integrating a carve-out</a>
<a href="https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/the-power-of-goodbye-how-carve-outs-can-unleash-value">The power of goodbye: How carve-outs can unleash value</a>
<a href="https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/solving-the-carve-out-conundrum">Solving the carve-out conundrum</a>

241. The path forward for private equity

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