Dealmaking and exit activity in the private equity industry is showing signs of recovery, with optimism for improvement in 2025, as reported by Bain & Company. Global exit values rose 34% to $468 billion in 2024, aided by a 141% increase in sponsor-to-sponsor deals. However, capital returns to LPs are lagging, dropping to 11% of net asset value. The report highlights a shift towards partial exits and liquidity mechanisms, as GPs seek to create investor returns. Fundraising remains competitive, with top performers consolidating capital, emphasizing the importance of past performance and scale in attracting LP commitments.