M&A wrap: Great Hill, TodayTix, Goldman, United Capital, Golden Gate, Advent

As GP-led secondaries scale to record levels, top investors are flagging a widening gap between trophy assets and weaker deals, even as new financing tools like CFOs further blur the line between sale and securitization.

Average deal size is resilient, but volume continues to slide as cautious buyers keep many mid-market transactions on hold.

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