The dealmaking climate has shifted. Bank advisory fees and the slackening flow of new issuance, listings, and freshly minted tombstones provide anecdotal evidence, but how big of a slide in deal value are we witnessing for private equity? Mergers with a financial sponsor on the buyside slid 17 percent in March year over year, according to fresh data from S&P Global Market Intelligence. That denominator was massive, remember, as the asset class was first off the starting block to catch up for lost time during the pandemic slump. Let’s take a look at what the shift really means for the market.
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