Debuting last month, Medline surged more than 40% in the biggest IPO of 2025. It was the largest private-equity-backed IPO ever backed by Blackstone, Carlyle, and Hellman & Friedman. Steve Wise, Carlyle Co-Head of Americas Corporate Private Equity, joined Bloomberg Open Interest to talk about the IPO pipeline, market momentum, and how geopolitics is reshaping dealmaking in 2026. (Source: Bloomberg)