Are deals in a downturn?

The number of deals being done in Europe has declined from last year’s high.

Deal numbers fell back in the first quarter of 2018 after hitting record levels last year, according to the latest figures from the Deloitte Alternative Lender Deal Tracker.

The quarterly study found there were 76 mid-market private debt deals in Q1 2018, down from highs of 100 and 106 in Q3 2017 and Q4 2017 respectively.

While deal numbers are down, it may not be cause for concern having only fallen back to the same level as in Q2 2017 and above every quarter in 2016.

However, with record breaking fundraising activity in 2017, there will be an expectation that funds can put that money to work and decreasing deal numbers may raise some eyebrows.