Private equity and venture capital deal value worldwide dropped in August as investors remained cautious about inflation and asset valuations.

Global private equity entries in August dipped 45.8% to $42.23 billion from $77.95 billion in the same month a year ago, S&P Global Market Intelligence shows.

Announced deals during the month declined 28.5% to 1,441 from 2,015 transactions a year ago.

Total deal value year to date was $557.95 billion, down 27.8% year over year. The number of transactions slid 4.5% to 16,225.

Yet the number and value of deals in 2022 are still strong compared to years preceding 2021, which was a record year for private equity activity.

Deal pipelines have slowed amid uncertainty around inflation and asset valuations, management consulting firm Bain & Co. said in a midyear report on private equity.

"Facing losses on loans committed before the slowdown, banks are asking a lot more questions about a company's exposure to inflation and rising rates, making it harder to close transactions," according to Bain.

*Click here to download a spreadsheet with data featured in this story. *Click here to read about global venture capital investments in August. *Click here to explore more private equity coverage.

The U.S. and Canada booked the largest amount of entry value totaling $25.89 billion across 511 transactions.

In terms of number of deals, Asia-Pacific led in August with 567 transactions worth a total of $10.98 billion.

The biggest transaction in the region in August was SK on Co. Ltd.'s $1.51 billion venture funding round. The Seoul-based electric vehicle company secured funding from East Bridge Partners Co. Ltd., Korea Investment Private Equity and Stella Investment.

The technology, media and telecommunications sector continued to attract the most capital from private equity and venture capital firms during the month with $21.33 billion in total transaction value, although it was lower than $29.59 billion seen in the same month a year ago.

The biggest transactions announced in August were Vista Equity Partners Management LLC's $8.35 billion acquisition of tax compliance software provider Avalara Inc., and the $4.66 billion acquisition of cargo airline company Atlas Air Worldwide Holdings Inc. by Apollo Global Management Inc., JF Lehman and Co. LLC and Hill City Capital LP.