What to Expect in 2025 What to Expect in 2025 Deal flow should expand in 2025 due to lower interest rates and moderating valuations, and there will be continued strength in the secondaries market. The focus on operational performance and earnings quality will likely persist, and the cost of Representation and Warranties (R&W) and Directors and OfÏcers (D&O) coverages are expected to remain near historical lows. Forward- thinking portfolio managers will embrace risk management and insurance planning as an opportunity to add value. $1.2 $2.6 trillion trillion The amount of dry powder The amount of dry powder held by U.S. private equity held by private equity firms firms at the end of the first worldwide at the end of first 1 2 half of 2024, the most ever. half 2024, the most ever. 1. Ropes & Gray, “U.S. Private Equity Market Recap,” August 2024. 2. S&P Global, “Private equity dry powder growth accelerated in H1 2024,” July 12, 2024.