News & Analysis

State of M&A: Too much capital, too few opportunities

Listening to the attendees at ACG’s annual InterGrowth summit, one thing was clear: even in the current positive economic environment, M&A is not always easy.

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2017 was a massive fundraising year for private equity and private credit. The former had its best year since 2008, while the latter went gangbusters, beating its previous record by about $40 billion.

Now managers face a central question: where do they deploy that capital?

That query seems to have no easy answer.

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