Private equity tends to turn to investment bankers to take the pulse of the market. Historical data on deal volume and value tells you what transactions have closed, but to get color on what deals are in the pipeline or could draw particular attention, lean on someone in the center of the action. Axial’s latest note provides the same insight, less the fee: by tracking deals that haven’t been announced yet from letter of intent to binding offer, we can see where activity is heating up in something more akin to “real time.”
The biggest takeaway? In the middle market, transportation and healthcare are drawing outsized buyer and seller interest relative to technology and broader industrials.
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