2022 was a difficult year for private equity (PE) dealmakers, and 2023 has hardly been any easier. Cross-border dealmaking has been hit particularly hard, reflecting stiff geopolitical and macroeconomic headwinds.

Notwithstanding these challenges, this survey shows that dealmakers are navigating these obstacles. So, what are the secrets of successful cross-border dealmaking in the current climate—and what might the next 12 months have in store.

Key findings include:

• Dealmaking expectations. Most respondents (78%) expect to undertake 1-3 transactions over the next 12 months, and 16% forecast undertaking 4-6, surpassing their recent deal activity.
• Cross-border M&A hotspots. Western Europe is the most appealing region in the world for buy-side cross-border M&A activity (76%), followed at some distance by the US (55%) and Southeast Asia (47%).
• Risk factors. Persistent inflation and elevated interest rates are the greatest risk factors that may negatively impact cross-border dealmaking plans (25% and 26% of first choice selections, respectively).

The report is also available at dentons.com.