High mortgage rates and property insurance costs, combined with economic uncertainty in an election year, tighter financial conditions, and extreme weather events, caused Florida’s Real Estate market to slow down last year.
But will it turn into a buyer-friendly market?
The answer could be yes, especially in certain local areas, according to Dr. Brad O’Connor, chief economist at Florida Realtors®, who addressed an audience of real estate agents at the 2025 Florida Real Estate Trends Summit last week.
“If we follow the general rule that a balanced market has between five and six months of inventory, single-family homes ended 2024 just within seller’s market territory, with 4.7 months of inventory, while condos and townhomes are already firmly in buyer’s market territory, with 8.2 months of inventory,” explained O’Connor.
The year-over-year growth in single-family home inventory was fairly consistent across the state, with most counties recording increases between 25% and 35%. Regarding condos and townhomes, active listings grew statewide by the end of 2024, although some areas experienced a greater increase than others.
“In 2024, several challenges weakened housing demand in Florida, including persistently high mortgage rates and property insurance costs,” noted O’Connor.
Florida’s real estate market was also impacted by multiple hurricanes throughout the year, from Hurricane Debby to the nearly consecutive devastation caused by Hurricanes Helene and Milton.
Additionally, other factors that affected the state’s housing market in 2024 included the fact that internal migration remains above the long-term trend but is slowing down. Job growth across the state has slowed but remains solid. Demand from international buyers has remained moderate. There are also issues affecting the condo market, particularly reserve requirements and insurability.
The sharpest declines occurred in coastal counties along the Atlantic and Gulf Coasts, while the only positive point was in the I-4 corridor, in the suburban areas between Tampa and Orlando, as well as further north in The Villages and Ocala, where condo and townhome sales grew in 2024 compared to 2023.
With the growth of new listings and the decline in sales, inventory levels in both categories—single-family homes and condos/townhomes—ended the year slightly above typical pre-pandemic levels (2014-2019).
Looking ahead to 2025, interest rates will continue to determine much of the market’s behavior, though the challenges of 2024 will remain key factors for Florida’s real estate sector in the coming months, summarized O’Connor.
Florida Realtors® represents the real estate industry in Florida, offering programs, services, continuing education, research, and legislative advocacy to 238,000 members across 50 associations, according to the organization.
Fabricio Negrão has joined BroadSpan Capital as Managing Director of the São Paulo office, the company announced in a statement, adding that the professional “brings more than 18 years of experience in Brazilian and Latin American financial markets, with a strong focus on mergers and acquisitions, as well as debt and equity capital markets.”
Prior to this appointment, Negrão held senior positions at Nomura Securities, where he most recently served as Country Manager Brazil IBD. He was also an Investment Banking Analyst at BNP Paribas, a role he had previously held at Banco Santander.
“The BroadSpan team has built an outstanding investment banking and restructuring advisory platform. I am very pleased to join the firm and help expand the business in Brazil as well as in other Latin American markets,” said Negrão.
Negrão holds a degree in Business Administration from the University of Londrina and a Master’s in Finance from CIFF Business School.
Leo Antunes, Director of BroadSpan in Brazil, commented that the new hire’s experience “is a great asset to our advisory business in Brazil, and his deep transaction expertise will complement our efforts across the region.”
Founded in 2001, BroadSpan Capital is an independent investment banking firm providing unbiased advisory services to corporations, partnerships, and government institutions on mergers and acquisitions and financial restructurings in Latin America and the Caribbean. The firm operates from offices in Miami, Rio de Janeiro, São Paulo, Mexico City, and Medellín, with affiliated offices in 30 countries worldwide.
The fixed income market has started 2025 with intensity.
For this reason, MFS IM wants to share the vision of Pilar Gómez-Bravo, MFS Co-CIO of Fixed Income, on the opportunities in this asset class through a new webcast. Additionally, the expert will also discuss her perspective on how fixed income environments differ between the U.S. and Europe, why duration exposure varies across regions, and where they see investment opportunities on a global scale.
The online event will take place next Wednesday, February 26, at 9:30 AM(EST), 2:30 PM (GMT), and 3:30 PM (CET). If you cannot attend live, a replay link will be sent to registered participants.
If you would like to attend, you can register through this link. You may also submit your questions in advance via email: webcasts@mfs.com
The wealth management firm Bernstein continues to make changes to its team: adding to the recent appointments is the promotion of Joaquín Dulitzky in Miami.
“Joaquín Dulitzky has been promoted to Principal at Bernstein Private Wealth Management. This well-deserved designation recognizes Joaquín’s exceptional client service, acquisition, and business leadership skills, as well as his invaluable contributions to our company’s culture,” posted Ben Moscowicz, Managing Director of the firm in Miami, on LinkedIn.
The financial advisor, with more than 20 years of experience, joined the company in February 2020.
Specializing in Latin American and U.S. clients, he contributes to the Global Families, Entrepreneurs & Exit Planning, Global Executives, Impact Investors & Philanthropy, and World-Class Athletes & Coaches segments.
Among the firms Dulitzky has worked for are Biscayne Americas Advisers and Merrill Lynch
Pilar Tavella, Head of Macro Research & Strategy at Balanz
In the dynamic world of asset management, Pilar Tavella, Head of Macro Research & Strategy at Balanz, has built a solid career based on her passion for economics and markets. In this exclusive conversation for the Key Trends Watch initiative by FlexFunds and Funds Society, Pilar shares her vision on the current challenges, growth opportunities, and the impact of economic programs on the evolution of the Argentine market.
Regarding the biggest challenges, Tavella points out that one of the main aspects of her role is translating complex macroeconomic analysis into clear investment strategies. “The key is to stay ahead of the market, evaluate what might perform better or worse than expected, and anticipate how markets will react to these dynamics.” According to her, this becomes especially relevant in a highly volatile environment where macroeconomic conditions are constantly shifting.
As for the development of Argentina’s financial market, she stresses that macroeconomic stability is fundamental. “If the decline in inflation is sustained, we will see the emergence of a more sophisticated and diversified market. This will allow investors to consider medium-term strategies beyond dollarization or hedging against shocks.” In her view, consolidating stability is essential for this growth.
Performance of the Argentine government’s economic program
Tavella acknowledges significant progress in the Argentine government’s economic program, highlighting the faster-than-expected fiscal consolidation and inflation containment. “The government has managed to avoid an inflationary spiral through fiscal discipline and monetary prudence, along with popular support that has been crucial in this process.” However, she notes that the sustainability of these policies will depend on maintaining political commitment and long-term credibility.
The main anchors of the economic program are fiscal and political stability. The combination of these two factors, along with tangible results, has allowed the government to build credibility—an additional stabilizing factor.
A sustained fiscal surplus is particularly noteworthy, as Argentina has struggled to achieve this consistently in the past. This progress, combined with an administration that maintains political stability despite implementing adjustments, is an uncommon scenario. Historically, such coherence was only achieved after deep crises, such as in 2001, but this time, it is occurring with a moderate recession of approximately -2.5%, she explains.
“The fiscal surplus acts as an anchor because it creates expectations of continuity. It wouldn’t be effective if perceived as temporary. The government’s commitment, demonstrated through actions like vetoing laws and accelerating fiscal consolidation, reinforces this perception of stability. In essence, the combination of a sustained fiscal surplus, political stability, and growing credibility underpins this program and gives it strength,” she adds.
Regarding negative effects, she acknowledges that recession is one of the inevitable consequences, “although it has been shallower and shorter than anticipated.” However, the biggest challenge lies in the sustainability of the real exchange rate. While exchange rate appreciation reflects macroeconomic improvement, excessive appreciation could put pressure on the balance of payments.
Growth and inflation scenarios for 2025
Pilar Tavella is optimistic about the near future, forecasting a shallower recession than expected in 2024 and a cyclical growth of 5% in 2025. “The recovery is happening faster than expected, thanks to factors such as fiscal consolidation, real income recovery, and credit growth.”
Regarding inflation, she projects a significant decline, with annual levels between 25% and 30%, always considering that external shocks remain a risk in Argentina. The main challenge for Argentina’s economic program is to consolidate stability and move towards a more flexible and sustainable exchange rate and monetary framework. This requires reducing sovereign risk to facilitate corporate financing and allowing a gradual easing of foreign exchange controls.
Argentina needs to accumulate net reserves, which are still negative, and avoid excessive exchange rate appreciation, she emphasizes. Transitioning to a more flexible model would improve reserve prospects and make inflation reduction more sustainable. A first step would be to normalize the current account by adjusting the export framework so that more foreign currency flows into the official market.
She adds that current conditions—low monetary issuance, reduced inflation, and peso constraints—allow for a gradual liberalization of foreign exchange, prioritizing capital flows over stock adjustments. While the political context may have an impact, concrete steps toward a more flexible and sustainable framework are expected in 2025.
Asset rally
The recent rally in Argentine assets has been primarily led by local investors, particularly in bonds and equities. This contrasts with previous periods when foreign investors played a larger role, though their current lower exposure may be due to past negative experiences in the Argentine market. The challenge now is to attract external capital again to expand the recovery.
For 2025, the expert highlights Argentine sovereign bonds as a key bet. Despite their positive performance, they still have room for appreciation, especially if the country progresses toward regaining market access. In equities, following an exceptionally strong performance, she suggests a more selective approach, prioritizing sectors with higher growth potential.
“To attract greater interest from foreign investors, it is crucial to improve the outlook for international reserve accumulation. While there is confidence in the government’s ability to meet short-term debt payments, challenges will increase in the medium and long term when maturities accumulate,” she states.
She concludes that a solid agreement with the International Monetary Fund (IMF) and a gradual easing of the exchange rate framework would be key steps. These measures would help build confidence in the sustainability of the balance of payments and Argentina’s ability to accumulate sufficient reserves in the future.
Interview conducted by Emilio Veiga Gil, Executive Vice President at FlexFunds, as part of the Key Trends Watch initiative by FlexFunds and Funds Society.
The 2025 Annual Meeting of the World Economic Forum took place this week, with world leaders emphasizing regional reforms and the application of artificial intelligence. The event was not immune to the words and actions of Donald Trump. In fact, several sessions included discussions and reflections on the potential economic effects of the new U.S. administration.
For example, during Tuesday’s session, European Commission President Ursula von der Leyen responded to growing threats of tariff policies and anti-climate measures from the U.S. president. According to Banca March analysts, Von der Leyen reaffirmed the European Union’s commitment to remaining an open bloc willing to cooperate with international partners, advocating for an open approach in contrast to U.S. protectionism.
“She described the bloc’s strategy, which will be based on negotiation, while also stressing the importance of defending the EU’s principles, interests, and values,” they noted.
Banca March also highlighted that several international financial executives spoke during the sessions, pointing out a competitive advantage for U.S. banks due to their more lenient regulations. The CEO of Italian bank UniCredit stated that American banks are the real competitors. JP Morgan noted that Trump has created a very pro-business environment. The Vice President of BlackRock argued that Europe needs a wake-up call on regulation. In contrast, the CEO of UBS took the opposite stance, opposing widespread deregulation for large banks.
Regarding other industries, the CEO of pharmaceutical company Novartis downplayed concerns about Trump’s stance on vaccines and other health policies, calling such worries “exaggerated.”
Environmental Commitments
One of the most significant announcements was the creation of the world’s largest tropical forest reserve, the Kivu-to-Kinshasa Green Corridor Reserve, which will protect over 550,000 square kilometers of forest across the Congo River Basin.
“This historic and unprecedented initiative will not only transform our natural landscapes but also improve the livelihoods of millions of our citizens,” said Democratic Republic of Congo (DRC) President Félix-Antoine Tshisekedi Tshilombo. He added that the project goes beyond environmental preservation, incorporating economic development as well.
Meanwhile, Malaysian Prime Minister Anwar Ibrahim expressed optimism about ASEAN’s future and Malaysia’s role in it.
“The spirit of collaboration and solidarity among ASEAN leaders is unique,” he said, highlighting the regional integration in green energy that has contributed to Malaysia’s rise as a high-tech manufacturing hub.
He emphasized that while the U.S. remains Malaysia’s largest individual investor, its economic ties with China are expanding.
“We don’t go to war or make threats; we discuss, we get a little angry, but we focus on economic fundamentals and move forward,” Anwar stated.
AI and Technology
UN Secretary-General António Guterres issued a strong warning about two growing global threats: the unchecked expansion of artificial intelligence and the climate crisis. He described these issues as unprecedented risks for humanity, requiring immediate and unified action from governments and the private sector.
On AI, Guterres acknowledged its immense potential but cautioned against leaving it unregulated. He emphasized the need for international collaboration, referencing the UN’s Global Digital Compact as a framework for responsible digital technology use.
“We must work together to ensure that all countries and people benefit from AI’s promise and potential to support social and economic progress,” he said.
He also urged the private sector not to backtrack on climate commitments and called on governments to deliver on their promise to introduce new, economy-wide national climate action plans this year.
Meanwhile, Spanish Prime Minister Pedro Sánchez called for a reform of social media governance across the EU to combat disinformation and cyberbullying.
He urged for stronger enforcement of the Digital Services Act and the expansion of the European Centre for Algorithmic Transparency’s powers.
“The values of the European Union are not for sale,” he emphasized, calling for increased funding to research social media algorithms and ensure that Europe’s brightest minds address this critical challenge.
Geopolitics and International Relations
The Davos meeting coincided with the implementation of the ceasefire between Israel and Hamas.
Palestinian Authority Foreign Minister Varsen Aghabekian expressed cautious optimism, stating:
“Optimism is not an option; it is a necessity.”
She added that she hopes the ceasefire will lead to a more sustainable peace. Addressing the humanitarian crisis in Gaza, she stressed the need for immediate aid and long-term planning.
“We must ensure that aid reaches the people,” she insisted.
Meanwhile, weeks after the sudden collapse of Bashar al-Assad’s regime, Syrian Foreign Minister Asaad Hasan AlShaibani outlined the new government’s plans.
“We will not look to the past. We will look to the future. And we promise our people that this misery will not happen again,” he declared.
He pledged to respect women’s rights, reject sectarian divisions, and called for the removal of remaining sanctions.
“Thousands are returning to Syria and need to help rebuild the country. We are turning a new page… Syria must be a nation of peace.”
In a discussion with CNN’s Fareed Zakaria, Iranian Vice President for Strategic Affairs Javad Zarif expressed hope that a second Trump presidency would reconsider its withdrawal from the Joint Comprehensive Plan of Action (JCPOA), also known as the Iran nuclear deal, which Trump abandoned in 2018.
He suggested that a new Trump administration might take a more serious, focused, and realistic approach regarding the cost of withdrawing from the agreement.
“In terms of deterring Iran, [the withdrawal from the JCPOA] has failed. It has imposed significant economic costs on the Iranian people. Of course, the Iranian government is suffering, but the Iranian people—especially the most vulnerable—are suffering the most,”Zarif stated.
This surge was driven by an increase in the number of large-scale transactions. In total, five deals exceeded $5 billion, compared to two in 2023 and one in 2022. North America remains the largest market, accounting for 65% of global deal value, while Europe and Asia-Pacific represent 22% and 12%, respectively. Deal volumes remained stable relative to historical levels, with a wave of activity in North America and Europe offsetting a 49% decline in deal volume in Asia-Pacific since 2023. These are some of the key findings from Bain & Company’s Global Healthcare Private Equity Report 2025.
For Cira Cuberes, partner at Bain & Company, the private equity market in the healthcare sector made a strong comeback last year, largely due to an influx of large-scale transactions, particularly in the biopharmaceutical space. “We also observed a resurgence of deals in the health technology sector. Looking ahead to 2025, we expect LPs to continue backing mid-market fund managers due to their strong returns and sector expertise. The smartest strategy for investors will be to focus on opportunities arising from spin-offs and incorporate value creation principles into their due diligence,” she commented.
In Europe, deal volume surpassed the peak reached in 2021, driven by a concentration of smaller deals in the first half of the year. The biopharmaceutical and medical technology sectors were two of the key drivers in 2024, as companies acquiring assets in these industries can easily expand them across the regions in which they operate. Bain remains optimistic about the European market, citing strong acquisition volume growth and a stabilizing macroeconomic environment. The firm anticipates continued momentum in deal activity and sees potential for more mega-deals.
The biopharmaceutical sector continues to lead healthcare deals in terms of total value, thanks to several major transactions in 2024. Despite the record deal value in biopharmaceutical buyouts, global deal volume in the biopharmaceutical tools and life sciences sectors declined by 5% and 10%, respectively, since 2020 in terms of compound annual growth rate (CAGR). Several factors contribute to this trend, including the struggle between buyers and sellers to align sale prices and a reduction in pharmaceutical services spending following a sharp decline in U.S. biopharmaceutical private equity funding.
Healthcare IT Dealmaking Rebounded in 2024
Several factors contributed to the resurgence in healthcare IT deals. First, providers—facing financial pressures and changes in reimbursement models—are investing in core systems to boost efficiency. In response, private equity firms are increasingly investing in assets that support workflow improvements. Additionally, payers—seeking to enhance payment integrity—are investing in advanced analytics. At the same time, biopharmaceutical companies are modernizing clinical trial IT infrastructure to accelerate and improve drug development in an environment of tighter funding and stricter regulatory requirements.
Four Trends Reshaping the Healthcare Private Equity Landscape
Mid-market funds continue to innovate: Historically, healthcare-focused mid-market funds have outperformed the broader market, benefiting from ongoing innovation and evolving investment strategies. They have also managed to sustain both asset acquisition and exits since 2020, even as the broader healthcare buyout market struggled. This strong performance has led to robust fundraising. Since 2022, mid-market funds with healthcare exposure have raised approximately $59 billion, exceeding fundraising levels from the previous three years by about 40%. While they have traditionally focused more on provider assets, mid-market private equity firms have expanded their scope to include healthcare IT and provider services while maintaining a strong presence in biopharma and medical technology.
Spin-offs unlock value in a competitive market: Despite year-to-year variability in deal activity, healthcare spin-offs have followed an upward trajectory since 2010, driven by a combination of public companies aiming to enhance shareholder value and private equity firms eager to acquire high-value assets. Successful spin-offs allow public companies to improve margins, focus on revenue growth, and reduce leverage and complexity. They also create opportunities for private equity firms to acquire overlooked assets with significant value-creation potential under new ownership. Given the reduced level of sponsor-to-sponsor deals since the 2022 peak, the combination of spin-offs and corporate deals has attracted a diverse range of investors looking to deploy capital into scalable healthcare assets with strong value-creation potential.
Maximizing exit value is a strategic imperative: Private equity exit deal volume in healthcare remained low in 2024—41% below its 2021 peak—as high interest rates and valuation mismatches between buyers and sellers extended holding periods and limited funds’ ability to return capital to their LPs. Historically, multiple expansion has driven nearly half of total deal returns, but this lever is unlikely to sustain returns to the same extent in the coming years. To execute a successful exit strategy, sellers must take an objective view of asset performance and trajectory while having a plan for future value creation. Buyers who integrate value-creation principles into their pre-acquisition diligence gain a competitive advantage.
Asia-Pacific investment has evolved: Private equity firms are expanding their investments beyond China in the Asia-Pacific region, where deal value has grown at an approximate 21% CAGR since 2016. However, deal volume in the region has declined significantly since 2023 due to a slowdown in Chinese transactions, a shift in deal volume to India, Japan, and South Korea, and increased competition from strategic players eager to pursue M&A. India, in particular, is emerging as a compelling alternative to China for dealmaking, given its expanding middle class—driving healthcare demand—and strong economic growth. Japan and South Korea are also seeing accelerated deal volume, fueled by favorable macroeconomic factors and an aging population with increasing healthcare needs.
“We are optimistic about the outlook for private equity in the healthcare sector in 2025, especially as deal multiples begin to stabilize, enabling better alignment between supply and demand, and as a growing base of tradable assets presents new opportunities. Lower interest rates in the U.S. and stable economic growth in regions like Japan and India indicate favorable investment conditions. Looking ahead, the accumulation of assets in private equity portfolios, along with increasing LP pressure for liquidity, suggests an imminent rise in sponsor exits,” concludes Cira Cuberes, partner at Bain & Company.
iCapital has introduced significant upgrades to its iCapital Architect portfolio construction tool, making it easier for financial advisors to integrate alternative investments into client portfolios. These enhancements were created to streamline the portfolio design process, offering advanced analytics and educational resources to support advisors in meeting their clients’ evolving financial goals.
“Tools like Apollo Allocation Pro, powered by iCapital Architect, are critical to educating and empowering financial advisors as they seek greater diversification and excess return on behalf of their clients,” said Apollo’s Stephanie Drescher, Partner and Chief Client and Product Development Officer.
Key features include a new white-label capability, allowing asset with wealth managers to offer iCapital Architect as an education product. A notable collaboration with Apollo has resulted in the launch of Apollo Allocation Pro, a valuable, customized version of the platform on Apollo.com. This tool enables advisors to create, compare, and stress-test public and private index portfolio allocations, enhancing decision-making.
Additionally, the Portfolio Allocator feature helps advisors build portfolios tailored to client objectives, while the proposal tool simplifies portfolio sharing, improving client communications. Full integration with iCapital’s Multi-Investment Workflow further streamlines the alternative investment process.
“Since launch, we’ve seen how powerful iCapital Architect is for advisors on our platform, regardless of where they are in the lifecycle of adopting alternative investments into client portfolios,” said Lawrence Calcano, Chairman and CEO of iCapital.
Wells Fargo’s 2024 Q4 Commercial Business Sentiment Report reveals a significant rise in commercial optimism following the 2024 presidential election. In collaboration with Barlow Research Associates, the report shows a spike in the sentiment index to 112.9, up from 102.3 in Q3 2024, marking the highest levels in four years.
The survey, conducted between November 15 and November 22, 2024, polled 307 commercial companies with annual revenues ranging from $10 million to $500 million. The results highlight increased confidence in business operations, demand for products and services, and the economy in the near and long term.
With election uncertainties behind them, 51% of respondents expect the U.S. economy to improve over the next 12 months, and 63% foresee a stronger economy in the next five years.
“The highly positive commercial sentiment recorded in Q4 was likely driven by the elimination of elections unknowns, which typically delay business decisions and tend to raise concern,” said Mary Katherine Dubose, head of Specialized Industries for Wells Fargo Commercial Banking.
Key Findings from the Q4 Report:
Business outlook: 29% reported their business is better off compared to 12 months ago, while 43% expect improvement in the next year.
Economic outlook: 51% expect the U.S. economy to improve in the next 12 months, up from 22% in Q3.
Top concerns: Inflation remains the top issue for 57% of businesses, followed by increased prices (70%) and reduced demand (49%).
The Q4 report signals an optimistic outlook for 2025, with businesses poised for growth, driven by efficiency improvements and a stabilizing economic environment.
The law firm of Martín Litwak, UNTITLED, welcomed a new partner this January: Enrica Casagrande, who has been part of the firm’s team since its early days.
“Enrica was one of the first to join our firm in 2014, when we were a small team in Montevideo. Her strategic vision, leadership, and commitment were key to her growth alongside us. Since then, she has progressed from Managing Associate to Director of Trustees, and now, to Partner,” the firm announced in a statement.
Casagrande is a lawyer specialized in wealth structuring, international taxation, and fiduciary services. She holds a doctorate in law and social sciences from the University of the Republic of Uruguay.
