Goldman's McClure Says IPO Market 'Wide Open' for Business

Summary

Matthew McClure, Goldman Sachs global co-head of investment, tells Bloomberg Deals that corporate confidence is driving record strategic M&A, while private equity activity is gradually recovering with $1.5 trillion of dry powder. He says the IPO market is wide open, with AI-related deals accounting for disproportionate capital raised and non-AI IPOs up 30%. He highlights infrastructure, mid-market private capital, and continuation vehicles as growth areas, while flagging macro, energy-price, rate, and geopolitical risks.

• Global announced M&A volume is $3.8 trillion year to date, with a record 49 deals above $10 billion.
• Strategic corporate M&A is driven by scale-building, first-mover advantage, and CEO confidence.
• Private equity M&A volumes are up 10% by deal value year over year, with $1.5 trillion in dry powder.
• The IPO market is described as wide open and broad-based, with non-AI IPOs up 30% year over year.
• AI-related IPOs are about 20% of IPO count but over 50% of capital raised.
• Growth areas cited include infrastructure, mid-market private capital, and continuation vehicles.
• Risks include elevated energy prices, interest rates moving the wrong way, geopolitics, and market volatility.