Growing cross-border private equity opportunities highlighted at DealMAX 2026

Forvis Mazars joined industry leaders at this leading global gathering for private equity professionals, investors and dealmakers to share their expertise and examine the latest trends shaping dealmaking across the mid-market.

As a strategic partner of the Association for Corporate Growth (ACG), the Forvis Mazars delegation included 20 experts from across its global network, reflecting its continued commitment to private equity clients as they prepare for what’s next in an increasingly complex and international market. As moderator of the DealMAX “State of the market” keynote discussion, Partner Scott Linch shared perspectives and insights on deal activity, investor sentiment and growth opportunities in the coming months.

“Across markets, we are seeing a clear improvement in both deal flow and the quality of assets available. The gap between buyer and seller expectations has narrowed, which is helping transactions progress more effectively. At the same time, private equity firms are being more selective, focusing on well-prepared assets where value creation strategies are clearly defined.

"For management teams, that means investing earlier in preparation, strengthening financial visibility and making sure the equity story is clearly articulated before going to market.”
Scott Linch Managing Partner, Forvis Mazars Capital Advisors, and Private Equity National Sector Leader, Forvis Mazars US

There is a distinct shift reflecting a broader trend towards preparation and discipline. Firms are taking more time to strengthen portfolio companies before bringing them to market, with greater emphasis on operational improvements, data quality and strategic positioning.

Cross-border expansion emerges as a key value driver

A new theme at DealMAX 2026 was the growing interest in cross-border opportunities as a value-creation driver. However, the ability to overcome cultural differences and navigate diverse regulatory frameworks will be vital to success.

“One of the most significant future opportunities we are seeing is the ability for U.S. mid-market investors to support high-quality European assets in their U.S. development, and even more importantly of European businesses to expand into the U.S. market. As competition intensifies domestically, cross-border strategies are becoming a critical lever for growth and differentiation.

"The practical implication is clear: investors need to build cross-border capability into their strategy early, from identifying the right markets to ensuring they have the right local expertise in place to execute plans.”
Matthieu Boyé Partner and Head of Private Equity, Forvis Mazars Group

This dynamic reflects structural differences between regions. European portfolio companies have long looked beyond their domestic markets to achieve scale, while U.S. investors will need to show greater interest in international expansion as a route to enhance value and broaden exit options.

“Internationalisation is now embedded in many investment theses, particularly in Europe. Expanding into new markets not only drives growth but can also significantly enhance exit valuations by widening the pool of potential buyers.

"To deliver this successfully, firms need to take a structured approach to market entry, aligning commercial strategy, operations and regulatory considerations from the outset.”
Fred Dearden Partner and Head of Private Equity, Forvis Mazars in the UK

At the same time, DealMAX highlighted that cross-border strategies are still underutilised in parts of the mid-market, presenting a clear opportunity for firms with the right global capabilities and networks.

3 Feb 2026

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Sector focus shifts towards resilience and real-world application

TMT remains a key area of focus for private equity, particularly where businesses are underpinned by strong data capabilities, but investors remain selective.

“AI continues to dominate conversations and strategies, but there is a key focus on the underlying data that enables it. Investors are looking for opportunities with businesses that have strong data foundations and clear use cases, not just purely technology-led propositions. In many cases, the most attractive opportunities are where technology enhances established, resilient business models.

"For businesses, this means prioritising data quality and governance and demonstrating how technology translates into measurable commercial outcomes that meet ROI expectations.”
Nathan Reay Partner and Head of TMT, Forvis Mazars in the UK

Alongside TMT, investors showed strong interest in sectors such as industrials, infrastructure-related services and business services, particularly where regulatory or technical barriers to entry support long-term value.

“Assets that demonstrate resilience and clear market positioning are attracting the most attention. In sectors with higher barriers to entry, such as testing, inspection and infrastructure services, investors see strong potential for sustainable growth and value creation.

"The key is to position these strengths clearly, showing not just current performance but how they can scale over time in response to market demand.”
Dave Hilton Partner and Head of M&A, Forvis Mazars in the UK

Investing in preparation and strategic clarity to navigate volatility

In a more selective market, preparation and timing are becoming increasingly critical to successful transactions. Private equity firms are placing greater emphasis on vendor due diligence, data readiness and aligning exit strategies with market conditions.

“We are seeing a significant increase in the level of preparation ahead of transactions, particularly in areas such as financial reporting and due diligence. Beyond this, firms are thinking more strategically about when and how to exit, including exploring a broader range of buyers from international investors to strategic acquirers.

"It requires a more continuous approach to value creation, with regular review of market conditions and a clear understanding of when the business is truly ready to go to market.”
Matthieu Boyé Partner and Head of Private Equity, Forvis Mazars Group

This more considered approach reflects the need to navigate geopolitical uncertainty, regulatory complexity and shifting investor expectations.

Supporting clients in a more international and complex market

The insights from DealMAX reinforce the importance of integrated, cross-border advisory capabilities. As private equity firms pursue more complex strategies, from international expansion to portfolio optimisation, the ability to combine local expertise with global reach is becoming a key differentiator.

Forvis Mazars supports private equity clients across the investment lifecycle, from deal origination and due diligence through to value creation and exit. Its global network enables clients to identify and execute cross-border opportunities, helping them prepare for what’s next in an evolving market landscape.

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