In effect, secondaries have become a pressure valve for a market where intent is high, but clearing to the current cycle. When the lens is narrowed to completed transactions only, the picture year-on-year despite broadly flat volumes, implying Sector performance reflects this selectivity. widespread average deal size compression. of areas where cashflows, assets or pricing Funds are active and willing to test the market, but deals are clearing only where valuation, risk Resources, where completed deal value has aligned. This selectivity is visible across regions By contrast, Technology, Media and Business Services have seen sharp value compression, sizes or failing to convert altogether. In particular, Alongside weaker primary deal conversion, durability. How effectively investors can gain tool. While completed primary deal value has fallen comfort on these risks will be a key determinant sharply year-on-year, secondary transactions have total completed sponsor M&A. This shift reflects the be priced, recapitalised or repositioned through