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Bain & Co Global Private Equity Report 2023

As extraordinary and resilient as the post-Covid rally in global private equity proved to be, it was ultimately no match for the Fed. For the first six months of 2022, the industry extended 2021’s record-shattering burst of deal activity, despite persistent inflation, the invasion of Ukraine, and growing tensions with China. Then, in June, when US central bankers issued the first in a series of three-quarter-point interest rate hikes—and their colleagues around the world followed suit—banks pulled back from funding leveraged transactions and dealmaking fell off a cliff, pulling exit and fund-raising totals down with it (see Figure 1).

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