Podcast

Tariffs: Impact on private markets

Listen to the latest episode of the FireSide podcast.

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April 9, 2025 | 25 minute read

About this episode


In this episode, our research team examines the latest on U.S. tariff policy and how it will impact private markets.

Join Senior Vice President of Investment Research Andrew Korz and Research Associate Alan Flannigan as they discuss the potential ramifications of tariffs on private markets. They also bring in resident expert Dan Wilk, Head of Private Equity Solutions, for his take on how tariffs will impact M&A markets, where they’ll take market sentiment and what this may mean for investors.


Transcript excerpt

[00:00:04] Andrew Korz: This is FireSide, a podcast by FS Investments. I am Andrew Korz, Director of Research, and today we’re going to discuss the latest on U.S. tariff policy and the potential impacts on private markets. I’m here with my colleague in research, Alan Flannigan. Alan, thanks for joining.

[00:00:19] Alan Flannigan: Pleasure to be here.

[00:00:21] Andrew Korz: We’re also going to bring in Dan Wilk, our Head of Private Equity Solutions, for some of his thoughts as well, specifically on the private equity market. So today is April 9th, country specific tariffs have been in place since 12:01 Eastern Time. Along with a 10%, across the board, tariff on almost all imports. Some from Mexico and Canada have been exempt. The tariff on China is now 104% as we speak and as of this morning, China’s now retaliated with 84% tariffs on U.S. goods.

This information is educational in nature and does not constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. FS Investments is not adopting, making a recommendation for or endorsing any investment strategy or particular security. All views, opinions and positions expressed herein are that of the author and do not necessarily reflect the views, opinions or positions of FS Investments. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before participating in any investment. FS Investments does not provide legal or tax advice and the information herein should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact any investment result. FS Investments cannot guarantee that the information herein is accurate, complete, or timely. FS Investments makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.

Any projections, forecasts and estimates contained herein are based upon certain assumptions that the author considers reasonable. Projections are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. The inclusion of projections herein should not be regarded as a representation or guarantee regarding the reliability, accuracy or completeness of the information contained herein, and neither FS Investments nor the author are under any obligation to update or keep current such information.

All investing is subject to risk, including the possible loss of the money you invest.

Alan Flannigan

Alan Flannigan, CIPM, CAIA

Associate, Investment Research

Andrew Korz, CFA

Senior Vice President, Investment Research

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