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In the sixth episode of The Private Company Valuation Forum, Richard Angus, Head of Business Development at Hardman & Co, is joined by industry experts Doug Lawson of MarktoMarket and David Battey of Lumaca Capital to explore deal volumes and valuation multiples to liquidity pressures and investor alignment. After what is largely perceived as a challenging year in 2025, how healthy is deal activity really? Are multiples still holding up, or is the market resetting? How are founders navigating these challenges, and what trends are shaping the market for the year ahead? Doug Lawson begins with a data-led overview of UK M&A and fundraising activity in 2025. From an investor perspective, David Battey considers the challenge of liquidity. The conversation explores which companies are the most likely to attract funding and succeed in this selective environment. 01:28 UK private market trends and deal volumes 06:52 Valuation multiples and market dynamics 11:26 Sector highlights and buy-and-build strategies 16:46 Investor perspective: liquidity and funding discipline 24:49 Outlook for 2026 and key takeaways Read more on our website here: https://hardmanandco.com/private-company-valuation-forum-is-private-market-momentum-returning-in-2026/ Important notice: This content has been prepared purely for information purposes, and should not be construed as an offer, or the solicitation of an offer, to buy or sell any security, product, service or investment. The companies or legal entities covered in this content may or may not pay us a fixed fee for this content to be made available. Investments in small and mid-cap corporations and foreign entities are speculative and involve a high degree of risk. An investor could lose all or a substantial amount of his or her investment, and the securities or legal entities mentioned in this content may not be suitable or appropriate for all investors. Each investor’s particular needs, investment objectives and financial situation were not taken into account in the preparation of this content. Each investor must make his or her own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein. The fact that Hardman & Co has made available through this content various information constitutes neither a recommendation to enter into a particular transaction nor a representation that any financial instrument is suitable or appropriate for you. Each investor should consider whether an investment strategy of the purchase or sale of any product or security is appropriate for them in the light of their investment needs, objectives and financial circumstances. For more information, please read our full disclaimers: www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer
