In the first half of 2024, the middle market environment showed signs of a gradual recovery in deal volume when compared to 2023 with Q1 and Q2 with 12.2% and 10.7% more deals, respectively, YoY. Although the outlook for rate cuts is optimistic for the second half of the year, the recent costs of financing have contributed to a notable decline in platform acquisitions, dwindling from 19.6% of private equity activity in Q2 2023 to 16.8% in Q2 2024.