Private equity sponsors are executing more rollovers and minority sell-downs instead of full exits, according to White & Case's Ken Barry. This disciplined approach reflects tighter credit markets and a focus on maximizing portfolio value amid higher borrowing costs.

The strategy marks a shift from the aggressive, full-portfolio sales seen in recent years. Carner’s analysis of the Finnish M&A market finds similar selectivity, with buyers and sellers taking deliberate steps to align on valuation and structure in a volatile economic climate.

For investors, this means longer holding periods and more complex deal terms. The trend could pressure fund returns and alter exit timelines, forcing sponsors to generate operational improvements rather than relying on multiple expansion alone.