While dealmaking may take a "pause" due to the current macro environment, this article from Institutional Investor makes the argument that there are plenty of reasons why Private Equity firms will continue to put capital to work:

https://www.institutionalinvestor.com/article/b1y8tz4wj3px75/There-Are-Plenty-of-Headwinds-but-Don-t-Expect-Dealmaking-to-Come-to-a-Screeching-Halt