On the left chart, we illustrate how, historically, 70% of M&A deals are corporate M&A deals, while 30% tends to be sponsor-backed. However, in 2021, we have seen the share of M&A deals that are sponsor-backed increase, as sponsors continue to be flush with dry powder. On the top right, we show 12-month trailing M&A deal value as a % of each region/country’s benchmark equity index market cap. On the bottom right, we show the composition of M&A deals by payment type. As you can see, the surge in equities has driven M&A activity, with 51% of deals in 2021 at least partially funded by stocks.