From the Census Bureau report :
In 2022, the amount of mergers and acquisitions deal activity involving private equity parties fell by about a third year-over-year. Aggregate investments in the private equity corner of the M&A market saw YoY reductions of 38.6% to $1.30 trillion in 2022, down $820.5 billion from $2.12 trillion in 2021, according to Bloomberg data.
The entire M&A market saw a similar drop: A total of $3.6 trillion was invested in 2022—a reduction of $1.7 trillion or 31.2% from the $5.2 trillion high achieved in 2021.