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The WSJ reported last month on growing dissolution among mid-level investors with their carried interest. At larger buyout firms, this sentiment is driving an exodus toward smaller platforms that offer the chance to start fresh—without the downside typically associated with a departure.

With choppy performance and delayed exits, the value and realization timeline of existing carry has become far more nebulous than in years past. The knock-on effect is that employee retention incentives provided by carried interest arrangements are now much weaker.

As investors weigh the value of foregone compensation against the potential benefits of a new role, the math has become more favorable for those thinking about making the jump.

“The golden handcuffs aren’t so golden anymore,” Stephanie Geveda, who previously oversaw business-services investing at Warburg Pincus, tells the WSJ.

“Top talent is doing the math and realizing that a piece of a smaller fund that actually performs beats a theoretical windfall that may never materialize.”

Geveda, who founded Coalesce Capital in 2023, said she interviewed 500 candidates for 23 roles and hired alumni from Blackstone and TPG, among others.

Cash compensation still favors the larger firms. At fund sizes of $10 billion or more, principals in the top quartile earned at least $955,000 in base and bonus in 2023, according to an annual survey by Heidrick & Struggles. At fund sizes of $750 million to $999 million, the comparable figure was $600,000.

But the difference in carried interest across fund sizes is less clear.

Though smaller fund sizes generally mean less total carried interest, top-performing small funds significantly outperform top-performing large funds, according to Cambridge Associates data.

With fewer mouths to feed, an individual allocation is also likely to be a larger slice of the pie at a smaller platform.

More important is the perception that career upside is often limited at larger firms. With senior partners who tend to stay put, many vice presidents and principals don't see a future in their current roles; moving to a smaller firm can mean a clearer path to the top.

This is even more true in today's uncertain environment, which has stalled growth at many established platforms. It's no longer a sure bet that quick successive raises of new, larger funds will reliably open up room for new senior-level seats.

In some form, these considerations were always top of mind.

Historically, however, the switching cost was simply too high—seven-to-eight figures of expected compensation left on the table. That's no longer the case for investors facing uncertain realization timelines or who question whether eventual exits will even provide returns that clear hurdle rates.

Joining a new firm with a recently raised fund, or with plans to begin near-term fundraising, offers an opportunity to participate in a vehicle that's starting fresh.

The situation follows a pattern similar to the years after the financial crisis, when troubled portfolios and a lack of exits led investors to exit en masse.

“When people’s perceived value of their carry goes down, mobility goes up,” said Hugh MacArthur, chairman of the global private-equity practice at Bain & Co.

• Medline Inc., a medical-surgical products and healthcare supply-chain services provider backed by Blackstone, Carlyle, and Hellman & Friedman, set terms for its Nasdaq IPO, seeking to raise up to $5.37 billion by offering 179 million shares at $26-$30, which could value the company at up to $55.3 billion.

• SpaceX, Elon Musk's rocket and satellite company, is reportedly planning an IPO as early as June, aiming to raise over $30 billion at a valuation of around $1.5 trillion.

• IBM (NYSE: IBM) agreed to acquire Confluent (Nasdaq: CFLT), a data streaming platform provider, for $11 billion in an all-cash transaction, paying $31 per share.

• Sembcorp Industries agreed to acquire Alinta Energy, an energy retailer and generator, for A$6.5 billion from Chow Tai Fook Enterprises.

• Blackstone agreed to acquire MacLean Power Systems, a manufacturer of components for electric-power transmission and distribution networks, for $4 billion from Centerbridge Partners and CFT Capital Partners, with plans to merge it with its portfolio company Power Grid Components.

• Shell (NYSE: SHEL) is in advanced talks to acquire LLOG Exploration Offshore, a privately held oil and gas producer, for more than $3 billion, per Reuters.

• Gategroup, the world's largest airline caterer co-owned by Temasek Holdings and RRJ Capital, is preparing for an IPO, potentially in the second half of 2026, per Bloomberg.

• Barclays (LSE: BARC) is exploring a bid for Evelyn Partners, a British wealth management and professional services group owned by Permira and Warburg Pincus, which could be valued at more than £2.5 billion, per Reuters.

• Teleflex (NYSE: TFX) agreed to sell its Acute Care business to Intersurgical Ltd., and its Interventional Urology and OEM businesses to Montagu and Kohlberg & Co., for a combined $2.03 billion.

• Perimeter Solutions (NYSE: PRM) agreed to acquire Medical Manufacturing Technologies, a Charlotte, North Carolina-based provider of medical device manufacturing solutions, from Arcline Investment Management for $685 million.

• NextEra Energy (NYSE: NEE) agreed to acquire Symmetry Energy Solutions, a provider of natural gas supply, storage, and pipeline operations, from Energy Capital Partners for around $800 million.

• Compass Diversified (NYSE: CODI) has hired Raymond James to sell its The Honey Pot subsidiary, a feminine care company it acquired in 2024 for $380 million, per Reuters.

• Global Infrastructure Partners, a part of BlackRock, agreed to acquire a 49% stake in Western Australia Iron Ore's (WAIO) inland power network for $2 billion from BHP Group (NYSE: BHP).

• ProAmpac, backed by Pritzker Private Capital, agreed to acquire TC Transcontinental Packaging from TC Transcontinental for $1.51 billion.

• WTW (Nasdaq: WTW) agreed to acquire Newfront, a specialized broker, for up to $1.3 billion.

• Advent International's talks to acquire a 31% stake in Whirlpool of India from Whirlpool Corp (NYSE: WHR) for up to $1 billion fell apart over valuation disagreements.

• ContextLogic (fka Wish.com) agreed to acquire US Salt, a producer of high-purity food and pharmaceutical-grade salt, for $907.5 million from Emerald Lake Capital Management; the deal included a mix of preferred equity and debt financing provided by BC Partners and Blackstone.

• Mirum Pharmaceuticals (Nasdaq: MIRM) agreed to acquire Bluejay Therapeutics, a biotech with a phase 3-stage drug for chronic hepatitis D, for up to $820 million.

• Tata Consultancy Services agreed to acquire Coastal Cloud, a Salesforce consultancy, for $700 million from Sverica Capital Management.

• Mr Price Group Limited (LSE: MRPI) agreed to acquire NKD Group GmbH, a European value apparel retailer, for €500 million from TDR Capital.

• Bain Capital is weighing the sale of Tanabe Pharma's non-Japan assets, which could fetch between $400 million and $500 million, per Bloomberg.

• Avocet Partners launched as a new insurance-focused investment and operating platform, backed by $500 million in committed equity capital from funds managed by Oaktree Capital Management and Lane42 Investment Partners, and agreed to acquire EMC National Life Insurance Co.

• Anheuser-Busch InBev (NYSE: BUD) agreed to acquire an 85% stake in BeatBox, a ready-to-drink beverage brand, for $490 million.

• Kingswood Capital Management agreed to acquire Safran Passenger Innovations, an in-flight entertainment and connectivity business, from Safran (Paris: SAF).

• Natera (Nasdaq: NTRA) acquired Foresight Diagnostics, a Boulder, Colorado-based developer of cancer detection tests, for up to $450 million.

• Enova International (NYSE: ENVA) agreed to acquire Grasshopper Bancorp, a New York-based digital lender, for $369 million in a cash and stock transaction.

• Finastra Group Holdings Ltd., backed by Vista Equity Partners, is exploring the sale of its U.S. banking software unit, which could fetch more than $200 million, per Bloomberg.

• Cinven agreed to acquire a majority stake in Flint Global, a UK-based advisory firm, from GCP for around £190 million, per Bloomberg.

• Highland Electric Fleets, a developer of commercial electric buses and trucks, raised up to $150 million in new equity led by Aiga Capital Partners.

• LNC Partners invested in Bennie, a modern employee benefits firm.

• L'Oréal acquired an additional 10% stake in Galderma (SIX:GALD) from EQT, increasing its total ownership to 20%.

• Aligned Fitness, a portfolio company of Eagle Merchant Partners, acquired 13 Club Pilates studios in North Carolina, South Carolina, and Georgia.

• Lanter Delivery Systems, a portfolio company of Audax Private Equity, acquired 1st Choice Delivery, a St. Louis-based healthcare last-mile logistics platform, from Northern Pacific Group.

• Oak Hill Capital agreed to acquire Hunter Communications, an Oregon and Northern California-based privately owned fiber-optic internet provider, from Grain Management.

• PestCo Holdings, a portfolio company of Thompson Street Capital Partners, acquired Southwest Exterminating, a Houston-based provider of commercial and residential pest control services.

• Cox Enterprises joined a conservation-focused investor group to acquire KUIU, a direct-to-consumer hunting gear brand, from Main Post Partners.

• BioMatrix Infusion Pharmacy, a portfolio company of Frazier Healthcare Partners, acquired Total Infusion Care, a Nevada-based infusion care provider.

• Prosperity Partners, a portfolio company of Unity Partners, acquired Farkouh, Furman & Faccio, a New York-based tax, attest, accounting, and business consulting firm.

• WindRose Health Investors invested in Stellus Rx, a technology-enabled, value-based pharmacy care management platform.

• Keystone Capital invested in Chartwell Financial Advisory, a Minneapolis-based valuation, consulting, and corporate finance advisory firm.

• Eagle Merchant Partners invested in Atlantic Pipe Services, a Florida-based provider of stormwater and wastewater infrastructure inspection, cleaning, and rehabilitation services.

• MetaCompliance, a Keensight Capital portfolio company, acquired Junglemap, a Nordic provider of security and compliance solutions.

• Brailsford & Dunlavey, a Bernhard Capital Partners portfolio company, merged with Project Management Advisors to form a program management and real estate advisory firm.

• Apollo Sports Capital acquired a minority stake in Wrexham AFC, a Welsh football club owned by Ryan Reynolds and Rob McElhenney.

• Great Point Partners acquired a majority stake in Lenis Group, a Slovenian specialty pharmaceutical commercialization business.

• Pro-Vision, a Vance Street Capital portfolio company, acquired Spartan Radar, a California-based developer of radar collision-avoidance technologies.

• WorkWise Compliance, a portfolio company of CriticalPoint, acquired Bizhaven, a Sacramento, California-based HR and safety solutions provider.

• SoftBank is in talks to acquire DigitalBridge (NYSE: DBRG), a data center investor and digital infrastructure firm, per Reuters.

• Allied Universal sold a majority stake in AMAG Technology to Shore Rock Partners and BellTower Partners.

• Bessemer Investors acquired Xanitos, a specialized provider of healthcare cleaning and support services for U.S. hospitals and ambulatory care centers, from Angeles Equity Partners.

• ExperiGreen, a Wind Point Partners portfolio company, acquired Turf Masters Brands, a residential lawn and tree services provider, from CenterOak Partners.

• Jensen Hughes, a Gryphon Investors portfolio company, acquired Safety Management Services, a West Jordan, Utah-based engineering firm specializing in process safety hazards analysis and energetic materials consulting.

• General Atlantic and CPP Investments agreed to acquire Boats Group, an online marketplace for boats and yachts, from Permira, which will maintain a minority stake.

• Transition Equity Partners invested in Nexus Data Centers, a Texas-based developer of gigascale data centers.

• PAI Partners agreed to acquire Innovad Group, a global specialty animal feed additives player, from IK Partners.

• Arcline Investment Management acquired Altronic, LLC, a supplier of ignition, control, and instrumentation systems for industrial power infrastructure, from HOERBIGER Group.

• SEVA Growth made a minority investment in Pronto, a mobile-first team communications platform for front-line employers and higher education institutions.

• Church & Dwight (NYSE: CHD) agreed to sell its VitaFusion and L'il Critters multivitamin brands to Piping Rock Health Products.

• Checkmarx, backed by Hellman & Friedman and TPG, acquired Tromzo, a Mountain View, California-based provider of autonomous security agents.

• SharpenCX, a TELEO Capital Management portfolio company, acquired Ytel, a provider of cloud-based communications platforms.

• Insight Partners invested in Marketing Evolution, a marketing analytics firm developing AI-ready data infrastructure.

• IK Partners agreed to acquire Rhétorès Group, a French independent financial advisory firm focused on high-net-worth individuals.

• The Rapid Group, a Hidden Harbor Capital Partners portfolio company, acquired Pumping Solutions Inc., a Clifton, New Jersey-based provider of pump repair and services for commercial and residential high-rise buildings.

• StoneTree Investment Partners agreed to acquire Reel Power International, a provider of engineered winding, spooling, and material-handling equipment, from Dubin Clark & Company.

• Hamburg Commercial Bank, a German lender backed by Cerberus Capital Management, hired Goldman Sachs and Morgan Stanley to explore a sale, per Bloomberg.

• Aptyx, a portfolio company of TruArc Partners and PennantPark, acquired Argos Corporation, a Massachusetts-based precision extrusion company.

• Berkshire Partners acquired United Flow Technologies, a technical distributor and solutions provider for water and wastewater treatment markets, from H.I.G. Capital, which will retain a minority stake.

Tech, Vertical SaaS, & Misc. Enterprise

• Random Power, a QRNG technology developer, raised €2.6 million in seed funding, co-led by Emerald Development Managers and Deep Ocean Capital, with participation from Obloo and 40Jemz Ventures.

• Skild AI, a Pittsburgh-based AI robotics company, raised over $1 billion in Series C funding at a $14 billion valuation co-led by SoftBank and Nvidia.

• OpenAI, an AI company and developer of Sora and ChatGPT, received a $1 billion equity investment from The Walt Disney Company as part of a licensing deal.

• Saviynt, an identity security company, raised $700 million in Series B Growth Equity Financing funding, led by KKR, with participation from Sixth Street Growth, TenEleven, and Carrick Capital Partners.

• Harness, an AI software delivery platform, raised $240 million in Series E funding at a $5.5 billion post-money valuation, led by Goldman Sachs Alternatives, with participation from IVP, Menlo Ventures, and Unusual.

• Port, an Israeli startup streamlining software development with AI agents, raised $100 million in Series C funding, led by General Atlantic, with participation from Accel, Bessemer Venture Partners, and Team8.

• Duve, an AI-powered guest management platform, raised $60 million in Series B funding, led by Susquehanna Growth Equity, with participation from XT Venture Capital.

• Nu Quantum, a distributed quantum computing company, raised $60 million in Series A funding led by National Grid Partners, with participation from Gresham House Ventures, Morpheus Ventures, Amadeus Capital Partners, IQ Capital, Ahren Capital, Cambridge Enterprise Ventures, and SETT.

• Runware, an AI media generation platform with a unified API for AI models, raised $50 million in Series A funding led by Dawn Capital, with participation from Comcast Ventures, Speedinvest, Insight Partners, a16z speedrun, and Zero.

• Solve Intelligence, an AI platform for patents, raised $40 million in Series B funding co-led by Visionaries and 20VC, with participation from Thomson Reuters and Y Combinator.

• Qargo, a Transport Management System (TMS), raised $33 million in Series B funding led by Sofina, with participation from Balderton Capital.

• Outset, an AI-moderated research platform, raised $30 million in Series B funding, led by Radical Ventures, with participation from M12, 8VC, Y Combinator, and Adverb Ventures.

• RelationalAI, a decision intelligence platform, raised $22.5 million in strategic funding co-led by Snowflake Ventures and AT&T Ventures.

• Prime Security, an AI security platform, raised $20 million in Series A funding led by Scale Venture Partners, with participation from Foundation Capital, Flybridge Ventures, and PayPal Ventures.

• Resemble AI, a deepfake detection and AI verification platform, raised $13 million in new funding from Google AI Futures Fund, Sony Innovation Fund, Taiwania Capital, Gentree Fund, IAG Capital Partners, Berkeley Frontier Fund, KDDI, and Okta Ventures.

• Pryzm, an AI procurement system, raised $12.2 million in seed funding led by Andreessen Horowitz's American Dynamism fund, with participation from XYZ Venture Capital, Amplify.LA, and Forum Ventures.

Fintech

• Airwallex, a financial platform for businesses, raised $330 million in Series G funding, led by Addition, with participation from T. Rowe Price, Activant, Lingotto, Robinhood Ventures, and TIAA Ventures.

• OnCorps AI, an agentic AI platform for fund operations, raised $55 million in growth capital led by Long Ridge Equity Partners.

• Hometap, a Boston-based home equity financing platform, raised $50 million in new funding led by affiliates of Gallatin Point Capital.

• 401GO, a 401(k) platform, raised $33 million in Series B funding led by Centana Growth Partners, with participation from Next Frontier Capital, Rally Ventures, and Impression Ventures.

• Surf, an AI platform for digital assets, raised $15 million in new funding led by Pantera Capital, with participation from Coinbase Ventures and Digital Currency Group.

• Safebooks, a financial data governance company, raised $15 million in seed funding co-led by 10D, Propel Ventures, and Mensch Capital, with participation from Moneta Venture Capital, Magnolia Capital, Cerca Fund, and Blue Moon.

Consumer & Media

• Fal, a real-time generative-media platform, raised $140 million in Series D funding, led by Sequoia, with participation from Kleiner Perkins, Alkeon Capital, NVentures, a16z, Kindred Ventures, Meritech, Bessemer Venture Partners, Notable Capital, Shopify Ventures, and Salesforce Ventures.

Healthcare

• SanegeneBio, an RNAi therapeutics company for metabolic and autoimmune diseases, raised over $110 million in Series B funding from Eli Lilly and Company, Sino Biopharm, Legend Capital, Vivo Capital, Invus, SymBiosis, Guofa Capital, TruMed, and Lake Bleu Capital.

• D3 Bio, a clinical-stage biotechnology company developing oncology therapeutics, raised $108 million in Series B funding, co-led by IDG Capital and SongQing Capital, with participation from WuXi AppTec's Corporate Venture Fund, Temasek, HongShan Capital Group, Matrix Partners China, and Medicxi.

• ProLynx, a biotech company developing ultra-long-acting medicines for obesity and metabolic diseases, raised $70 million in Series A funding co-led by 5AM Ventures, OrbiMed, and Monograph Capital.

• Excelsior Sciences, an AI chemistry company for small molecule drug discovery and manufacturing, raised $70 million in Series A funding co-led by Deerfield Management, Khosla Ventures, and Sofinnova Partners, with participation from Cornucopian Capital, Eli Lilly and Company, and Illinois Ventures.

• Radial, an interventional mental health platform, raised $50 million in Series A funding led by General Catalyst, with participation from Solari Capital, JSL Health Capital, Founder Collective, BoxGroup, and Scrub Capital.

• EpilepsyGTx, a biotech developing gene therapies for focal refractory epilepsy, raised $33 million in Series A funding from XGEN Venture, the British Business Bank, and a biotech.

• Inito, an at-home diagnostics startup, raised $29 million in Series B funding co-led by Bertelsmann India Investments and Fireside Ventures.

• Relation, a British AI drug discovery biotech, raised $26 million in new funding co-led by NVentures, DCVC, and Magnetic Ventures.

• Parallel, a K-12 teletherapy and special education provider, raised $20 million in Series B funding led by Valspring Capital, with participation from Rethink Impact.

• Valinor, a clinical trial tech startup, raised $13 million in seed funding co-led by CRV, Harpoon Ventures, Amino Collective, and Pelion Venture Partners.

Industrials, Greentech, & Other

• Fervo Energy, a geothermal energy company, raised $462 million in Series E funding, led by B Capital, with participation from Google, Breakthrough Energy Ventures, CalSTRS, and AllianceBernstein.

• Boom Supersonic, a supersonic engine technology company for AI infrastructure, raised $300 million in Series B funding led by Darsana Capital Partners, with participation from Altimeter Capital, ARK Invest, Bessemer Venture Partners, Robinhood Ventures, and Y Combinator.

• Blue Current, a silicon solid-state battery developer, raised more than $80 million in Series D extension funding, led by Amazon, with participation from Koch Disruptive Technologies, Piedmont Capital, Rusheen Capital Partners, and Allen & Company.

• Vatn Systems, an AUV developer for defense, raised $60 million in Series A funding led by BVVC, with participation from Hanwha, Airbus Ventures, Dauntless Ventures, Decisive Point Ventures, Lockheed Martin Ventures, Geodesic Capital, SAIC Ventures, Centre Street Partners, and Cubit Capital.

• Medra, a platform for Physical AI Scientists, raised $52 million in Series A funding led by Human Capital, with participation from Lux Capital, Neo, NFDG, Catalio Capital Management, Menlo Ventures, 776, and Fusion Fund.

• Haven Energy, a solar and battery solutions provider, raised $40 million in Series B funding, led by Giant Ventures, with participation from Carnrite Ventures, Chaac Ventures, Comcast Ventures, and Lerer Hippeau.

• Assaia, a Zurich, Switzerland-based aviation technology company, raised $26.6 million in Series B funding led by Armira Growth.

• AnySignal, a radiofrequency connectivity and sensing platform for industrial, aerospace, and defense, raised $24 million in Series A funding led by Upfront Ventures, with participation from BlueYard Capital, First In Ventures, Also Capital, and Balerion Space Ventures.

• Allonnia, a bio-solutions company that improves mineral recovery and reduces environmental impact, raised more than $20 million in Series A extension funding, co-led by Viking Global Investors, Bison Ventures, General Atlantic, BHP Ventures, and Pivotal Capital Partners.

• Quilt, a heat pump startup, raised $20 million in Series B funding, co-led by Energy Impact Partners and Galvanize, with participation from Lowercarbon Capital, Gradient Ventures, Alumni Ventures, and Incite Ventures.

• TPG raised $6.2 billion for TPG AG Credit Solutions Fund III, above its $4.5 billion target.

• Oak HC/FT is raising $2 billion for its sixth healthcare and fintech growth-stage fund.

• North Sky Capital, a Minneapolis-based impact investor, raised $250 million for its sixth Clean Growth secondaries fund.

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