2024 Milken Institute Conference Highlights Dealmaking Optimism, Valuation Challenges, and Investor Perspectives

At the annual Milken Institute conference dinner, Elon Musk was a guest of honor alongside prominent investors such as Todd Boehly and Steven Mnuchin. Discussions centered around potential deals and investment opportunities, with many delegates optimistic about a surge in dealmaking in 2025. Private equity managers were urged to sell assets and return capital to investors, as corporate M&A activity increased by 30% in 2023. However, valuation disagreements and geopolitical uncertainties presented challenges, including a lack of agreed deals despite intense efforts. Some investors suggested that LPs may begin pushing for sales due to high asset values, while others questioned the utility of public markets and the role of private creditors in refinancing loans. Veterans noted a notable influx of Middle Eastern investors seeking deals tied to job creation, while views on China remained divided. The conference attracted record numbers of attendees, with many preferring face-to-face meetings over virtual ones.