The macro challenges seen in H2 2022 continued into Q1 2023 with elevated inflation, interest rate hikes and geopolitical tensions continuing to hinder deal financing. Then an unforeseen banking crisis, with the collapse of Silicon Valley Bank and the sale of Credit Suisse, led to the number of completed global transactions falling 25%; aggregate deal values dropped by 47% compared to Q1 2022. One bright spot: North America's aggregate deal value saw a nearly 11% YoY gain by March 2023.