Nico Perazzi

I mean, throughout the conflict, you still had these big names, international names, opening offices, Bain Capital, Hill House, I think Citadel secured a license.

Blackstone invested in a payments and data platform.

So deals were continuing.

Now, obviously, the fundamentals, as some say, are still in place.

It's still a very capital rich region.

But I think what most bankers expect is that deals will take longer.

The pricing will change.

Valuations need to be adjusted.

And some deals might just be canceled altogether.

I mean, best case is almost obvious, an immediate ceasefire, a peace deal.

That's what bankers and everyone else is hoping for.

If that happens, I think the region could probably quickly turn the page again.

They have a history of overcoming these crises, most recently the COVID crisis.

And again, there's a lot of capital still in the system.

Now, worst case...

The uncertainty remains, hostilities escalate.

Now, that would really hurt investors' confidence, especially from abroad.

It's very unlikely that a private equity investor will sign off on any deal when the prospect of continued hostilities remains in place.

Thank you, Marc.