In a year already defined by changing rhythms in private markets, the global exit landscape recorded on December 19 2025 reflects a mix of activity, strategic movements by investors, and wider trends shaping how companies and funds realise value. From major buyouts to mergers reshaping entire sectors, this report brings out the essential exits investors and market watchers should understand as 2025 draws to a close.
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Big-ticket exits and cross-border deals reshape the market
The standout exits reported around December 19 included Perwyn’s sale of Irish semiconductor support services provider WGNSTAR to ABM in a deal valued at $275 million. The transaction highlights how specialist firms are attractive targets for larger operational platforms seeking niche capabilities and regional expansion.
On the same date, markets were buzzing with news of Nasdaq-listed Trump Media & Technology Group’s strategic merger with fusion power developer TAE Technologies. The unusual union crosses sector boundaries and is a reminder that exit activity is no longer confined to traditional buyouts or listings. Instead, mergers between public entities and private innovators are becoming a prominent exit mechanism in 2025.
These headline deals show that even as venture capital and private equity markets navigate exit pressures, strategic buyers and public markets still offer pathways for investors seeking liquidity.
Private equity pushes exits ahead as window widens
Private equity houses have been under pressure to convert their long-held investments into tangible returns. Recent analyses show that fund managers are increasingly willing to sell companies to secure exits, even if this means accepting lower valuations than earlier anticipated. This trend is driven by the need to recycle capital and meet investor expectations in an environment where fundraising remains challenging.
In the United States specifically, exit activity through buyouts, public listings and secondary transactions is on track to surpass the total seen in 2024. Data indicated that more than 1,300 private equity exits had been completed by October 2025, with an estimated value vastly higher than the previous year. Firms reported that a significant portion of their efforts was focused on liquidating holdings and returning capital to limited partners.
This narrative closely aligns with the broader push to unlock liquidity across private markets in the final quarter of 2025, as investors work against tightening fundraising conditions while seeking to realise gains where possible.
Venture capital exits reflect sector concentration and slowing IPO pace
While private equity has made meaningful progress with exits, venture capital-backed companies are facing a more complex exit environment. Notably, artificial intelligence and related technologies have captured an outsized share of venture value, accounting for a significant portion of VC exit proceeds in 2025. This trend suggests that where exits happen, they often centre on sectors with strong growth prospects and strategic appeal.
Despite this, the broader ecosystem has seen fewer traditional public listings. IPO pipelines, although improving, have not yet returned to the vigorous pace seen prior to the market slowdown of recent years. Instead, mergers, acquisitions and secondary sales have taken prominence as means of exit liquidity for fast-growth companies whose valuations are still maturing.
For VC investors, this environment means adapting expectations around both timing and pathways to exit. Many firms are recalibrating, seeking alternatives such as strategic trade sales or structured secondary transactions that can offer returns without the rigour and public market uncertainty of a full IPO.
What this means for investors and markets heading into 2026
Looking at the exit landscape captured on December 19, investors are navigating a truly global market where exit strategies are dynamic and multi-faceted. The diversity of transactions from strategic mergers to traditional buyouts reflects both challenges and opportunities in realising gains from earlier investments.
The emphasis placed on exits this year ties back to broader market conditions. Fundraising has remained subdued for many smaller and mid-tier firms, making successful exits a key element in driving return on investment and attracting future capital. Meanwhile, larger firms with scale and access to public markets have had a comparative advantage in driving high-value exits.
For African and emerging market investors, these global trends underscore the importance of positioning companies for strategic relevance rather than purely financial metrics. Sectors like technology, energy and industrial services continue to attract cross-border interest, meaning that well-structured exits can come from unexpected corners of the global economy.
As 2026 approaches, market participants will be watching how public markets continue to absorb private capital through listings and how strategic buyers deploy capital for acquisitions. The pathways for exits are evolving, and understanding the forces driving these changes will be critical for investors looking to time their own moves within the global ecosystem.
The exit news of December 19, 2025, paints a picture of cautious optimism. Major deals are still happening, capital is being realised, and investors are creatively unlocking value from earlier bets. As markets adapt to shifting conditions, the lessons of 2025 are likely to guide strategies in the year ahead.
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