Real Deals | GPs Use Dividend Recaps as a Way to Entice Buyers
Originally published by The Real Deals on October 10, 2025
As the private markets see muted exits and limited partners demand liquidity, sponsored dividend recaps and stock repurchases are on the rise. In 2025, totals have reached €13.25 billion to date, up from just €1.23 billion in 2023.
Aude Doyen, Managing Director and Co-Head of Lincoln’s Capital Advisory Group in Europe, recently spoke with Real Deals about how portability had become a crucial characteristic of dividend recaps due to the safety net provided.
“For any sponsor considering an exit within 24 months of a refinancing or recap, it is an advantage to show bidders that the financing package can remain in place with no change of control, and can be re-levered,” Aude said.
Summary
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Aude Doyen speaks with The Real Deal about how GPs use dividend recaps and stock repurchases to entice buyers.
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Aude Doyen
Managing Director & Co-Head of Capital Advisory, Europe
London
