[JumpCrisscross]

> interest rates are also hurting LBOs which shouldn't affect startup acquisitions but does affect PE

Reasonable hypothesis, but not quite. LBOs' share of American buyouts has been falling monotonically since at least 2015 [1]. Buyouts have increasingly been smaller add-on acquisitions, with tech dominating activity.

[1] https://thesource.lseg.com/TheSource/getfile/download/bf99ca...

[hadlock]

From my M&A colleagues, they're saying it is largely interest rates.