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 4Q22, 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 right, we break out Global M&A by sector, with technology and B2B making up 50% of M&A deals in 2022.