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You might be wondering if a BDC is just a fancy term for a bank. I think Hercules offers a level of flexibility that most traditional banks simply aren't willing to offer. A middle-market business may be turned away from a bank or will not be able to get as high of a loan as it's looking for. Well, not exactly.
Industrials has always been a leading industry for dealflow on the Axial platform, and Q1 of 2024 was no exception. Last quarter, the number of deals marketed in the industrials space on Axial was the highest it’s been since mid-year 2022, and it held fast (by more than 30%!)
Outsourced business development firms, analytical services, and dealflow advanced by independent sponsors are all in the mix. At the time, our primary competition on larger deals wasn’t the major data providers but the free information offered by larger investment banks. 4) More targeted processes. (5)
One item of note is that while technology was ranked only the fourth highest industry as it relates to total dealflow in Axial in 2023, deals in the tech sector had the leading pursuit rate at 8.92%.
We're already seeing some central banks in the emerging markets starting to cut rates. The rebound in Banking gained speed during the quarter, led by near-record levels of investment-grade debt issuance as improved market conditions enables issuers to pull forward activity. In the U.S., a soft landing is viewed as increasingly likely.
We believe the continued path of central bank normalization will support sustained inflows across bond funds, ETFs, and institutional accounts. On October 1, we closed on our acquisition of Global Infrastructure Partners. Finally, fixed income. Fixed income delivered across the platform with over $60 billion of net inflows.
We intend to launch a strategy focused on triple net lease in Europe, driven by dealflow we already see today. Marc Lipschultz -- Co-Chief Executive Officer Well, the healthcare product certainly is in line and -- or put it another way, let me contextualize the Cowen acquisition. And then the outlook is pretty bright as well.
Or are you guys looking to make some acquisitions in that space? We never precluded an acquisition. But with that, we're very disciplined, I think, in how we approach acquisitions, especially these days. Our next question comes from the line of Tal Liani with Bank of America. Anything to highlight there? Please go ahead.
We began to see some signs of stabilizing interest rates among central banks. This strength is offset somewhat by a softer environment for bank loans and structured finance. We continue to expect inflation above the target rates of central banks and energy prices like crude oil to remain above historical averages as well.
Axial is excited to release our 2024 Lower Middle Market Investment Banking League Tables. To assemble this list, we reviewed the deal-making activities of 400+ investment banks and advisory firms that met the qualifications to be considered for league tables last year. increase from 2023 and the highest annual total on record.
Axial is excited to release its Q3 2023 Lower Middle Market Investment Banking League Tables. These quarterly league tables reveal the top 25 investment banks active on the Axial platform in Q3. In Q3, 571 sell-side investment banks and M&A advisors brought a total of 2,360 deals to market.
Global mergers and acquisitions rebounded in the first quarter of 2024 compared with a year earlier, driven by mega-deals in the finance, software and energy sectors. It has also provided financing to support acquisitions led by Carlyle Group Inc., JPMorgan, Morgan Stanley, Bank of America Corp., KKR & Co.
In fact, that was pre -merger with Manny Hanny and Chemical, and JP Morgan, and et cetera. They really weren’t in the investment banking business, and they looked at the opportunity there and said, gee, we should really have a high yield business and a financing business. How did you get to Chase? KENCEL: Sure. KENCEL: Right.
In connection with the Eldorado-Caesars merger, we retired the CMBS debt. And with our acquisition of MGP, we were able to retire all of our remaining secured debt and received an investment-grade credit rating from S&P and Fitch in April of 2022. billion facility. We have approximately 3.3 Thanks and good morning.
Market Intelligence revenue increased 5% in the fourth quarter or 6% excluding acquisitions and divestitures, with positive revenue growth in every business line. Transaction revenue grew by 54% in the fourth quarter, fueled by market conditions highlighted earlier that spurred robust demand for bond and bank loan ratings.
One of my big predictions under a Trump presidency is that mergers and acquisitions (M&A) will see a notable uptick. Below, I'll explain the factors that inhibited deal activity in recent years and make the case for why M&A could make a comeback. The S&P 500 has hit 50 record highs just this year.
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