The year 2023 will be remembered as a challenging year for private equity, with complexities to navigate on many fronts. Traditional debt financing was expensive and scarce, expectations on valuations were tricky to navigate, portfolio companies required additional attention, fundraising was not easy and regulators continued to scale up their scrutiny of the industry and its transactions. Although overall deal volume was significantly down, private equity funds still found opportunities to do deals even in the face of these stiff headwinds.