M&A led by corporates is anticipated to be the dominant type of transaction next year, selected by 60% of respondents – an increase from 54% last year. In particular, both corporate, 63%, and institutional investors, 64%, expect there to be the most activity here.

As ever, private equity is more upbeat on its own activity with 24%, nearly a quarter, thinking private equity transactions will take the headlines in 2024. This is an increase from 2022, although not quite at the levels seen in 2020 and 2021.

Expectations of IPO activity remain relatively limited, when compared against M&A, despite a pick-up in the US especially, with only 6% selecting this as the most dominant type of transactional activity, albeit an increase from just 1% last year.

Views on debt refinancing remain similar (7% in 2023 versus 8% in 2022), and at slightly elevated levels to those seen historically. Finally, the excitement over SPACs looks well and truly over – chosen by only 1%.