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  "documentTitle": "The future of M&A 2022 M&A Trends Survey",
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      "text": "While divestitures increase, strategic sales in the PEI sphere declined from the 2019 Trends Survey to 2021—from more than half to just over one-third of all portfolio exits. As Deloitte & Touche LLP partner Brian Kunisch noted, \"This shift from strategic sales to sale to another PE, and to IPOs, is not surprising given the increased amounts of dry powder held by private equity funds and a hot IPO market.\" Strategic sales remain the primary form of PEI market exit; however, IPOs and sales to other PEIs both increased in frequency.",
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