DealMAX Discussions: State of the Market, Private Credit, and Sports Investing

At ACG’s DealMAX conference last week, attendees heard from more than 60 speakers across 18 content sessions who addressed everything from the current state of the M&A market, to investment trends in the sports sector, to the private credit landscape, and much more.

Add-ons made up a smaller share of deal count tracked by GF Data in the fourth quarter—31%—below the 40% share seen over the past two years, and closer to historical averages. The numbers suggest investors are once again pursuing platform investments after several years of prioritizing add-ons.

After years of dealing with uncertain macroeconomic and geopolitical environments, investors in 2026 find themselves dealing with yet another headwind in the United States’ war with Iran. Still, delayed exits from the past several years, the anticipated “silver tsunami” of aging sellers coming to market, and piles of dry powder are promising signs for dealmakers that the back half of 2026 will see an uptick in platform investments.

Private credit has had a rocky year, leading some DealMAX panelists to question: does private credit need retail investors?

Private credit trends

Though private credit remains largely rooted in institutional investors, the democratization of its investor base in recent years increased the share of retail investors within the asset class.

Although retail investors make up a relatively small share of the overall private credit investor base, panelists noted the outsized impact of a surge in redemptions earlier this year after several high-profile bankruptcies spooked the market.

Still, because of their flexibility, evergreen funds that aren’t subject to real-time redemptions have helped private credit become more competitive against traditional banks. Speed, certainty, and flexibility have all made private credit a popular option in the lower-middle market, panelists noted.

Sports investing opportunities

Tuesday’s keynote panel session at DealMAX shined a light on sports investing, with panelists debating whether professional teams make good private equity investments.

Media deals create predictable revenue for major league sports, which panelists called the last frontier of live television with drama that artificial intelligence can’t replicate. Restrictions on private equity ownership have loosened in most leagues, paving the way for more private capital investment, a trend that panelists expect to continue.

At the same time, prices to buy major league teams have ballooned and their underlying fundamentals don’t always hold up to traditional private equity investment standards, one panelist noted.

But the scarcity and desirability of team ownership make this space unique, another panelist argued. And as the rich continue to get richer, there will continue to be willing buyers undeterred by eye-popping price tags.

The panel also discussed undervalued professional sports, concurring that tennis tops the list, with revenue per fan 50% below golf and even further behind NBA and NFL fan revenue. They attributed that disparity to mismanagement of tennis as a global sport and its failure to capitalize on media opportunities effectively.

The sports investment opportunity extends beyond the professional sphere, panelists noted, pointing to youth sports, as well as sports equipment and services as other avenues to capitalize on the industry’s tailwinds.