Activists Launch Record Campaigns in 2025

Activist investors launched a record 255 campaigns globally in 2025, surpassing the previous peak set in 2018. This significant increase, nearly 5% from 2024, was fueled by market volatility and favorable financing conditions. The United States remained the primary focus, accounting for 141 campaigns, a 23% rise year-over-year.

Asian companies, particularly in Japan, also drew considerable attention, with a record 56 campaigns recorded. This heightened activity from both established and new activist funds reflects a growing trend of investors pushing for operational improvements, board changes, and strategic shifts, including potential company sales.

The aggressive stance of activist investors led to a record 32 CEOs departing their roles within a year of a campaign, underscoring the pressure for performance. Elliott Investment Management was notably active, initiating 18 campaigns and demonstrating the growing influence of activist strategies in corporate governance.