Carlyle's Steve Wise says the IPO market is improving for large, high-quality businesses as market conditions stabilize. Speaking at PEI Group's NEXUS 2026, the private equity veteran noted that while software companies face uncertainty due to AI disruption, companies with durable moats and proven financial success are finding receptive equity markets. Medline's $65 billion IPO in December demonstrated this trend.

Wise explained that the exit environment has improved significantly since 2025, with sellers gaining clarity on pricing and investors becoming more comfortable deploying capital. The equity markets are "discerning" and favor established businesses over those facing potential technological disruption. Carlyle's investment in Breezeway, an AI-powered vacation rental management platform, reflects the firm's continued focus on technology-enabled businesses despite broader market concerns.

In other deal news, London-based Cutting Edge Group acquired the music catalog of Emmy-winning composer John Paesano, valued at over $1 billion. The firm's strategy targets TV and film composer catalogs rather than mainstream recording artists, capitalizing on streaming's dominance of TV viewing. With streaming accounting for over 60 percent of US TV screen time, CEG's approach to collecting royalties from digital formats positions it uniquely in the music investment space.