M&A Conditions Index: May composite at 55.8

Mid-market deal flow hit its lowest level of the year last month, but dealmakers point to strong pipelines and rising seller interest as signs that activity could accelerate through year-end.

Deal flow cooled sharply in July as macroeconomic uncertainty and a sluggish private equity exit environment continued to weigh on transactions, though year-to-date activity remains ahead of 2025.