Deal backlog has been worked through and starting to see new activity, says Vito Sperduto

M&A Market Trends - M&A activity in 2025 exceeded expectations, with a significant acceleration after a flat first quarter, ultimately rising by approximately 59% [3] - Deal activity spans various sizes, with TMT (Technology, Media, and Telecommunications), healthcare, and life sciences leading the way, followed by financial services [4] - Energy resilience and capacity are key drivers for acquisitions, particularly in the context of AI development, where energy constraints are a major consideration [5][6] - Healthcare companies are actively seeking to diversify their pipelines and adapt to changing government policies [7] IPO Market Dynamics - There's a strong desire for the IPO market to grow, with December's IPO volume matching September's as the two largest volume months of the year [8][9] - Medline accounts for over 7 billion USD of the IPO volume this month, representing approximately 81% (7/8.6) [9] - Many companies are waiting on the sidelines to access the IPO market, seeking alternative exit opportunities [10] - Companies are staying private longer due to the ease of access to private capital and liquidity alternatives, requiring a larger scale to go public [10][11] - A robust IPO calendar is expected for the coming year, with private equity portfolios holding numerous assets that need to be monetized [12]