Portfolio optimization is a growth lever, not only a defensive Rising carve-out activity is being driven primarily by strategy rather than stress. leading catalysts, far outweighing short-term market pressure or regulatory This marks a shift from prior cycles, when divestments were often reactive. In the current environment, organizations are proactively separating businesses that dilute strategic focus, absorb disproportionate management attention or capital and leadership capacity towards areas positioned for durable growth. By using carve-outs to concentrate investment and execution focus,