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Every December, PitchBook makes a slew of predictions about industry trends in the upcoming year. That’s been a tricky gambit since 2019. In successive years, the industry has navigated a global pandemic, a skyscraper of a recovery, and a slowdown driven by unavoidable macro trends. Last December, the prevailing mood was that, yes, deal flow would decline but would remain at very healthy levels. There was some spillover of 2021 euphoria into Q1 2022, but 2022 is starting to feel like a mild hangover.