I. Introduction -

In a year of unprecedented health crises and social upheaval, private equity firms and investors have had to adapt rapidly to sudden and ever-evolving economic conditions and cultural and political norms. With the global economy coming to an immediate and severe standstill at the onset of the COVID-19 pandemic, private equity fundraising and M&A activity halted in the spring of 2020. Almost as suddenly and surprisingly came a rebound in the second half of 2020, as pent-up demand sought new target assets. Private equity deal activity ultimately rose globally in 2020 compared to 2019 in terms of deal value, outpacing the overall M&A market rebound. This rebound has been continuing apace in 2021.