M&A activity in the third quarter of 2022 slowed from its record levels in recent quarters. Global economic uncertainty driven by rising interest rates, high inflation, and volatility in the equity markets will continue to pose headwinds for the M&A landscape for the remaining months of 2022 and into early 2023. As the cost of capital rises, smaller deal sizes and alternative funding sources are becoming more popular as both sponsors and strategics search for new ways to create value.