On the left-hand side, we show private equity deals by size, with large deals ($500mm +) currently representing 2.1% of total deals, a low over the last 15 years. Deals below $500 million remain strong, with deals between $100-500mm sitting above its 15-year median and representing 31.6% of total deals. In contrast to the deals since 2007, 2023 has seen a spike in lower value deal sizes, as add-on deals hit a new high in 1Q23. Add-on deals represented 62% of total private equity deals in 1Q23, while buyout/LBO deals hit a record low of 16%.