Q3 | Torys Quarterly • Summer 2025
Doing business in the United States: 2025 mid-year update
Our New York office shares their views on the current change in flight in the United States and how business is adapting.
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Featuring our insights on:
Dealmaking
New and changing market realities are rewriting dealmakers’ playbooks in the United States.
U.S. cross-border M&A: mid-year outlook
Optimistic expectations at the start of 2025 were muted by market response to trade tensions, with an uptick in deal activity still possible for the back half of the year.
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- Continued optimism for secondaries marketsRead more
- Co-investment trends in 2025: continuation vehicles, warehousing costs and feesRead more
- Seeding the future: why GP seeding is gaining ground in private capitalRead more
- Developments in private credit: key takeaways from recent conferencesRead more
- Trends in the private credit market and broader lending dynamicsRead more
- DEI considerations in dealmakingRead more
The case for secondaries remains compelling as a significant and increasingly pervasive tool for liquidity in a down market.
— Continued optimism for secondaries markets
Regulatory and risk
Despite trade and tariff volatility dominating the headlines, a number of business-friendly regulatory changes have been introduced.
SEC developments in 2025
The new Trump administration marks a pivot in approach for the SEC, including shifting priorities and enforcement strategy.
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- The U.S. regulatory environment offers relative stability for dealmakersRead more
- The One Big Beautiful Bill Act: impacts on Canadian businesses with U.S. investmentsRead more
- Developments in Delaware’s corporate law that you need to knowRead more
- President Trump’s executive orders on tariffs: where we are nowRead more
While the challenged tariffs remain in effect for now, their future remains unclear until the Federal Circuit issues a decision.
— President Trump's executive orders on tariffs: where we are now
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