Despite the bullish sentiment about their own firm’s valuation potential in 2023, only 37% believe that overall valuations will increase across the industry. While 46% indicated that general valuations will decline, there was 18% that indicated it will remain unchanged. The majority of participants (56%) believe 2023 deal-making conditions will favor buyers, while only 24% indicate it will favor sellers. This could be a direct result of declining equity markets and AUM – as well as the limited supply of high-quality acquisition targets, given the recent record-levels of M&A activity over the last several years.