After marking new record highs in 2021, with completed deals worth $1 trillion, capping a stunning 12-year long upcycle for the global private equity industry, 2022's sudden mid-year break in PE activity saw global buyout value (excluding add-ons) drop steeply, by 35%, to $654bln last year.

Bain & Company's 14th annual Global Private Equity Report said that given