2022 was a relatively challenging market, at least compared to a record-breaking 2021. The financial markets were dislocated throughout much of 2022 because of geo-political events. The high yield debt capital markets / bond markets were mainly shut, and several large-cap leveraged deals were hung in syndication. That lack of liquidity saw a number of the larger direct lending funds fill the gap, in turn leaving a partial vacuum in mid-cap liquidity. Additionally, the lack of lender appetite for some assets (or at least at leverage levels seen in 2021), plus the gap between the value expectations of buyers and sellers, saw a number of sales processes flip into recaps/refinancing. Generally, we saw deals taking longer to commit and/or close, with lenders asking more questions, and taking more time to diligence, potential investment opportunities. Now we are into 2023, it still feels too early to call. […]