The trend: Private equity is filling the gap as holding companies exit digital-first agencies, viewing creative services as a strategic complement to their marketing and tech investments.

The latest example of this is Truelink Capital acquiring a majority stake in R/GA from Interpublic Group (IPG), but that deal is far from an outlier.

• AEA Investors purchased Huge from IPG in late 2023, signaling a broader shift as IPG streamlines its portfolio by offloading creative agencies that do not align with its renewed focus on media trading and healthcare marketing.