Global private equity deal value and volume tumbled year over year in March and in the first quarter, according to S&P Global Market Intelligence data.
March totals show deal value was down 37.1% year over year and overall private equity entries for the month totaled $63.42 billion, compared to $100.86 billion in the same period a year ago.
The number of deals declined 48.9% to 885 from 1,733 a year prior.
In the first quarter, the total transaction value declined 48.6% year over year to $122.81 billion from $238.91 billion. The number of deals slipped to 2,873 deals, from 5,017 transactions in the same period in 2022.
The US and Canada posted the highest deal values in March with $41.07 billion across 274 transactions.
Asia-Pacific came in second with $15.17 billion across 264 deals, followed by Europe, which recorded a combined value of $6.92 billion across 317 deals.
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The technology, media and telecommunications sector continued to receive the most capital from investors during the month, bringing in $32.97 billion in total transaction value, up from $32.16 billion in the same period in 2022.
The industrial sector reached $11.15 billion in total deal value, down from $23.78 billion in March 2022, while financial companies secured $7.53 billion in March, down from $17.31 billion in March 2022.
In the largest deal in March, Silver Lake Technology Management LLC and Canada Pension Plan Investment Board agreed to buy experience management company Qualtrics International Inc. from SAP America Inc. for about $10.44 billion in an all-cash transaction. The transaction is expected to close in the second half of 2023.
The second-biggest deal was the announced $8.16 billion acquisition of Univar Solutions Inc. by funds managed by Apollo Global Management Inc. affiliates. Parcom Capital Management BV is selling the specialty chemical and ingredient distributor. The all-cash transaction includes a minority investment from a subsidiary of Abu Dhabi Investment Authority.