In a turn away from the high volume and mega deal mergers and acquisitions environment that commanded the spotlight in 2021, the world of M&A was brought back down to earth during 2022 and the first half of 2023 with middle market private target acquisitions taking center stage. This move doesn't signal a sudden surge in middle market activity—on the contrary, middle market activity remains lower compared with its 2021 peak. However, compared with the abrupt deceleration of mega deals, the decline in middle market activity has exhibited a more measured pace.