According to Megamarket data cited by investment bank DC Advisory in a report on beauty and personal care M&A activity last year, in 2019, private equity accounted for less than a majority—specifically 45%—of deals. From 2022 to early 2024, it accounted for over a majority—specifically 62%—of beauty and personal care deals.

With private equity’s role in beauty M&A not expected to diminish, especially with unallocated committed capital piling up and a big surge of strategic activity unlikely, for the latest edition of our ongoing series posing questions relevant to indie beauty, we asked a dozen investors and investment bankers the following: How has the dominance of private equity changed what you do? What does it mean for consumers and emerging brands in this space?