On this edition of the Pipeline, an S&P Global Market Intelligence podcast, we speak with Michael Mufson, managing partner of the investment banking firm Mufson Howe Hunter. Many of the deals Michael's firm works on involve private equity. The absence of private equity has been a big reason for the downturn in M&A that started in 2022, but Michael sees that changing. The amount of dry powder in PE coffers along with the number of portfolio companies that PE needs to liquidate should serve as a catalyst for M&A, Michael said. But through the first half of 2024, M&A volumes have remained largely muted, especially in the middle market. I started off asking Michael about that. Here's our conversation.