PitchBook released their annual US PE breakdown last week, with the below summary:

"We call 2022 a year of transition for the PE industry. It was the year when nirvana ended and the harsh environment of runaway inflation and borrowing costs began.

"The big surprise coming out of the year is what didn't happen. Namely, the industry did not shut down even though its main source of lending for big deals did.

"Instead, deal activity stayed resilient in large part due to private debt funds, which stepped in to fill the void left by banks and traditional lenders."

https://pitchbook.com/news/reports/2022-annual-us-pe-breakdown