Foley Featured for Roundtable Insights on Exits and M&A in 2025

Foley & Lardner LLP is featured for the firm’s media roundtable discussion covering recent trends in IPO markets, M&A, venture capital, private equity, and the overall investing outlook for the year ahead in The Venture Lens article, “Foley & Lardner’s Outlook on Exits and M&A in 2025.”

“The IPO window is closed,” Foley partner Lehot said of venture-backed exits, highlighting that capital calls have slowed as limited partners wait for an improved DPI (Distributions to Paid-in Capital) from their general partners. “LPs want returns,” he added.

Partner Brian Wheeler noted those sentiments are shared on the private equity side. While exits have ticked up towards the close of 2024, inflation, interest rates, and other uncertainties continue to keep the pace below expectations.

“We’re seeing more banks come in, providing liquidity,” Wheeler said, emphasizing that despite remaining challenges, there may be light at the end of the tunnel. Another bright prospect to boost activity both Lehot and Wheeler identified is corporate M&A. “Corporate M&A and the IPO window for VC-backed companies work in tandem,” Wheeler explained, meaning there is potential for increased exits if IPO activity resumes.

“The Foley & Lardner team addressed more than just exits and M&A during the nearly 90-minute, on-the-record discussion,” the article concludes. “But the overarching message was clear: patience and adaptability are key for the year ahead. Whether it’s navigating antitrust scrutiny, managing LP expectations, or grappling with inflation and interest rates, venture and private equity players are sure to face many challenges ahead.”

“The markets hate uncertainty,” Wheeler added.