Our view is that M&A activity will further slow from here (especially within Tech), given that valuations have rebounded to a large degree year-to-date (Tech in particular), but sales pipelines are not any more robust than they were in Q4’22 nor Q1’23. Further, the macro economic environment is not any stronger today than it has been in recent months. Add rising expectations for another Fed rate hike in June (higher cost of capital), and we have a recipe for less M&A deal activity.
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