Inside the Strategy Room

After a long period of uncertainty, the fog has lifted, and while private equity rebounded in 2025, the clearer visibility has also revealed a more complex and demanding landscape.
In this episode, the authors of our 2026 Global Private Markets Report unpack the structural shifts reshaping the industry—from elevated multiples and longer hold periods to the growing importance of scale, specialization, and alternative capital. They also explore how artificial intelligence is emerging as a core driver of competitive advantage, with early adopters embedding AI into pricing, productivity, and portfolio strategy to create structural alpha.
As private equity continues to mature, dispersion between leaders and laggards is set to widen. The question for dealmakers, operators, fundraisers, and LPs alike: who is equipped to best navigate this new terrain?

Related insights
Global Private Markets Report 2026 Private equity: Clearer view, tougher terrain
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Top dealmakers entered 2025 expecting to overcome continued challenges, but few anticipated how sharply trade and geopolitical pressures would intensify. In this episode, Jake Henry and Mieke Van Oostende, the global co-leaders of our M&A Practice, share key themes from our annual M&A report. They reflect on how dealmakers maintained focus, adjusted portfolios, and capitalized on shifting sector dynamics to drive substantial growth in 2025. They also share their perspectives on the five trends driving M&A in 2026.
Related Insights
Read the full report on McKinsey.com: 2026 M&A trends: Navigating a rapidly rebounding market
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Jane Fraser, Chair and CEO of Citi, talks with McKinsey Senior Partner and North America Managing Partner Eric Kutcher. After becoming CEO in March 2021, Jane launched a multi-year strategy to transform, simplify, and modernize the bank for the digital age – leveraging Citi’s unique global context to reset where and how it competes. Jane speaks about what the last five years have looked like for Citi and the role AI and blockchain technologies are playing, as well as what she’s learned along the way about talent, intent, and resilience. She also shares the global trends she is seeing as one of the world’s most well-travelled CEOs.
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‘You’ve got to be willing to “do,” as opposed to getting disrupted by somebody else’: A conversation with IBM CEO Arvind Krishna
‘Saying “I don’t know” is one of the hardest things a leader can do’: A conversation with Delta CEO Ed Bastian
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From its origins as an internal three-ring binder to its status as a global reference text, Valuation has shaped how business leaders think about value creation for more than 30 years.
In this episode, co-author Tim Koller joins the co-leaders of our Strategy and Corporate Finance Practice, Andy West and Dago Diedrich, to reflect on the evolution of Valuation, the principles that have remained timeless, and the lessons learned across market cycles, bubbles, and changing executive expectations. Tim also shares his perspective on long-term orientation, disciplined leadership, and the legacy he hopes the book leaves with the business community.
Related Insights
Valuation: Measuring and Managing the Value of Companies

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Levi Strauss & Co. Chief Finance and Growth Officer, Harmit Singh, joins us to share lessons from his 13-year journey transforming the iconic clothing company. Singh explains how Levi’s returned to growth, strengthened profitability, and shifted toward a direct-to-consumer model, while staying true to its purpose-driven heritage. He introduces the “Magic of the And”–his approach to driving both top- and bottom-line performance– and discusses building a performance culture, navigating volatility and tariffs with cross-functional teams, developing finance talent, and approaching AI in finance with practical use cases and discipline. Joining Harmit for this discussion is Steve Begley, a senior partner based in our New York office.
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The State of Fashion 2026: When the rules change
How finance teams are putting AI to work today
How Nestlé’s CFO sharpens focus across a global portfolio
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