Carlyle Sees Steady Improvement for U.S. IPOs in 2025, But No Rush

As GP-led secondaries scale to record levels, top investors are flagging a widening gap between trophy assets and weaker deals, even as new financing tools like CFOs further blur the line between sale and securitization.

The speculation follows comments from Jamie Dimon who recently said at a conference that the bank is actively evaluating acquisition opportunities.

Large alternative managers are racing to institutionalize asset-backed finance as pensions seek exposure less dependent on sponsor-backed corporate defaults.