Ankura Joint Venture Index®

From Dizzying Heights to Creative Depths – Navigating the Thrills of Joint Ventures

Joint Venture Index®: 2024 in Review and Outlook for 2025

JANUARY 2025 – Joint ventures and partnerships rode the rollercoaster in 2024.

New deal volumes got off to a sputtering start, soared to dizzying heights, then took a plunge, but still ended the year 14% higher than 2023.

Restructurings and exits vaulted to record levels, before settling down to a 39% increase over 2023.

Amidst this whirl and swirl of activity emerge three indisputable themes. Joint venture and partnership deal activity is heating up in some industries and cooling in others. Deal structures and terms are becoming more creative. The deal outlook remains positive for 2025.

In our annual issue of the Ankura Joint Venture Index, we look back at the deals that caught our eye, the trends that defined the year, and the dealmakers that separated themselves from the crowd.

Read on for our recap of 2024 and outlook for 2025.


Joint Venture Index®: 2024 IN REVIEW AND OUTLOOK FOR 2025


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About the Authors

Lois Fernandes

Lois D’Costa Fernandes is a Senior Director at Ankura, where she leads the firm’s research and analytics on joint ventures and partnerships. Previously, Lois was a founding employee of Water Street Partners and prior to that was a core member of the Joint Venture Practice at McKinsey & Co. She has authored numerous articles on joint ventures and partnerships, including in MIT Sloan Management Review, Harvard Law School Forum on Corporate Governance, and the Journal of World Energy Law & Business.

Benjie Jenkins

Benjie Jenkins is a Director with Ankura based in Washington, DC. He works with our clients throughout the launch and integration process of new joint ventures and supports them in refining management and governance practices of existing joint ventures. He focuses on the oil and gas, renewable energy, and mining sectors, but works across industries. Benjie is a graduate of Dartmouth College.

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