Morning all, Craig McGlashan here with the Europe Wire from the London newsroom. The second half of 2025 is shaping up to have a more “risk-on” environment, Gordon Pan, president of Baird Capital, tells us in the latest of our outlook Q&As with private equity thought leaders. We’re definitely getting the sense that things are set to pick up after the usual summer lull – at least in the mid-market. Agree or disagree? Let me know at craig.m@pei.group Next, we’ve got deals in a pair of sectors that have been busy despite the wider slowdown in deals. First, Apheon has made an acquisition in the world of in-vitro diagnostics equipment, then we’ve got a transatlantic tie-up in aerospace and defense involving GenNx360 Capital Partners. ‘Ample capital’ The market and broader economy are stabilizing, setting the stage for a more “risk-on” outlook for the second half after 2025 began with challenges, Gordon Pan, president of Baird Capital, told PE Hub’s Irien Joseph as part of our ongoing series of thought leader Q&As. “I am confident deal activity will pick up.” Based in Chicago, the firm invests in B2B technology and services companies across sectors. Baird’s global private equity strategy targets opportunities ranging from growth equity to buyouts, typically committing $25 million-$80 million per investment. It focuses on businesses with revenues of $20 million-$100 million, primarily in the US and UK. Check out the premium version of the Wire to learn how Pan sees the exit market and which sectors and niches look most compelling for the rest of 2025. For more, read the full interview to learn how Pan sees competition in the lower mid-market shaping up and his take on the growing involvement of non-traditional investors like family offices and wealth funds doing direct deals. Testing the market Apheon has acquired a majority stake in Longwood, a Spanish distributor and provider of in-vitro diagnostics equipment, tech and services for public and private hospitals and laboratories. Find out more about the growth plans and the business in the premium version of the Wire. Transatlantic merger The European aerospace and defense industry has been one of the biggest talking points in dealmaking of late, as the region seeks to boost defense investment in the wake of Russia’s full-scale invasion of Ukraine and calls from the US for heavier spending by NATO members. We’ve got a transatlantic tie-up to report today, as GenNx360 Capital Partners portfolio company Precision Aviation Group (PAG), based in Atlanta, Georgia, has entered the EMEA region with an acquisition. Read the premium version of the Wire to find out about the acquisition. OK that’s a wrap from me. Rafael Canton will be in the US chair later today and I’ll write to you again from Europe tomorrow as Nina Lindholm is on annual leave. Cheers, Craig Read the full Wire commentary on PE Hub ... | 