Goldman Sachs (GS) Chief Financial Officer Denis Coleman said Tuesday that the company mergers-and-acquisitions business is on pace to sustain its strong momentum into next year.
The investment bank has advised on over $1.5T of deals so far in 2025, Coleman said during a financial services event hosted by Goldman in New York. “On an announced basis in M&A, I think we will probably have the second-biggest year in history,” he said.
He said he sees greater M&A activity into 2026, as lower borrowing costs and a “resilient” economy buoy the overall outlook.
Announced deal volumes in sponsor-led activity climbed 40% this year, Coleman noted, signaling the private equity M&A boom is starting to show up.
“Between sell-side M&A activity, equity market monetizations, continuation vehicles, other strategic types of transactions, there’s just a lot of pent-up activity that should come through the sponsor space, and we are seeing the beginnings of that activity actually start to happen,” he said.
GS shares gained 1% in afternoon trading.