Yet private equity-backed and hybrid buyers still accounted for around three-quarters of all announced transactions over the past year, and OPTIS Partners noted the pace has actually picked up among newer, smaller PE entrants positioning for the next wave of recapitalizations. Third Wave’s Palmer & Cay purchase was specifically called out as one of the half’s larger transactions, alongside Willis Towers Watson’s acquisition of Newfront. In other words: overall deal counts are down, but the sponsors already in the game, and the ones just arriving, are still writing some of the biggest checks.