Private equity deals worldwide declined 17.5% in March to $92.85 billion from $112.57 billion during the same month a year ago, S&P Global Market Intelligence data showed.

A total of 2,106 deals were announced during the month, a 7.4% year-over-year decrease from 2,274 transactions in March 2021.

The total transaction value for the first quarter was $239.41 billion, down 17.5% year over year from $290.32 billion. The number of deals climbed to 6,299 deals from 5,856 transactions seen in the same period in 2021.

The U.S. and Canada accounted for most of the deals in March with 742 transactions at an aggregate valuation of $51.04 billion. Asia-Pacific came in second with 704 deals totaling $24.02 billion, followed by Europe, which saw 495 deals with a combined value of $15.41 billion.

The technology, media and telecommunications sector continued to receive the most capital from investors during the month, bringing in $33.37 billion in total transaction value, although it was down slightly from the $34.66 billion recorded in the year-ago period.

The industrial sector reached $22.48 billion in total deal value, up from just $9.93 billion in March 2021, while financial companies secured $14.54 billion last month, down from $22.27 billion.

The largest completed transactions in March include the $2.10 billion funding round of Bonbot AB and the about $1.69 billion funding round of Tank Holdings Corp.

The $15.83 billion acquisition of Nielsen Holdings PLC by Evergreen Coast Capital Corp. and Brookfield Business Partners LP, as well as the $10.45 billion buyout of Anaplan Inc. by Thoma Bravo LP were the largest announced deals in March.