In this issue, we introduce the Mid-Market M&A Conditions Index (MACI), an important new barometer that measures dealmaking activity in the middle market. Created by Mergers & Acquisitions and published in partnership with PwC, the MACI is based on a monthly survey of executives at private equity firms, corporations, investment banks, law firms and other M&A advisory firms. Participants answer questions about various activities, including actionable leads seen, letters of intent or engagement signed, transactions closed and divestitures made. Other components of the survey cover deal quality, bidders, availability of financing and level of M&A staffing.

The MACI is a diffusion index, with readings above 50 showing expansion and below 50 indicating contraction. At 57.7, the initial reading, based on polling dealmakers in October, showed a modest uptick in activity, a sign that may bode well for the middle market in the fourth quarter. We invite you to participate in the new research project. Please see our website,, for details.

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