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Global deal-making smashed all-time records in the first half of 2021, as numerous trends converged into the perfect surge.
By the numbers: Deal volume topped $2.82 trillion between January and the end of June, with over 28,000 deals announced, according to Refinitiv.
What's happening? Cheap debt. Corporate cash at record levels. Private equity dry powder at record levels. FOMO. Accelerated U.S. deal-making because of Biden tax pledges. Simultaneous beliefs that pandemic plays are sticky and that reopening plays are undervalued.
More data: Global private equity deals totaled $512 billion, up 152% from the first half of 2020.
The bottom line: There's no indication that the first half deal-making drivers will abate in the second half, which means that the future will either be about an exogenous event or to the moon!