Proof, process, and price: A look at the new standards for sponsor-backed dealmaking in the wake of AI – Investec’s Kate Gribbon

While sponsor-related deal volume from the exit perspective is at EUR 132bn so far this year, nearly double the volume in the first half of 2025, deal counts are only up 12%.Deal momentum is picking up, but it still can be difficult to get a deal over the line in the current environment, according to Kate Gribbon, Investec’s head of financial sponsor coverage.The effects of SaaSpocalypse or SaaSmageddon are still lingering and dealmakers need to have a strong offensive and defensive strategy when it comes to AI. Diligence also needs to come in at an increasingly early stage in the auction process, according to Gribbon, and relationship-building and trust are core to completing transactions.In this episode of Dealcast, Gribbon joins John West, Mergermarket’s global commentary editor, to discuss her recent report: The New Rules of Private Equity M&A. The two discuss the three pillars of getting a deal done: proof, process, and price.The episode delves into how to curate the buyer pool early-on, how to weigh the benefits of getting DPI for LPs quickly or holding onto an asset for the right reasons, and why it’s not realistic to wait for “perfect” market conditions.