Q2 2020 deal activity continued to fall as it was the first full quarter completely encased in the pandemic. Deal value also took a steep downturn by almost 35% compared to Q2 2019. According to the National Bureau of Economic Research, the US officially entered a recession as of February, ending a 128-month economic expansion. Despite the slowdown, buyout EV/EBITDA multiples increased in Q2, again reaching the highest levels in over seven years. The technology sector continues to prove resistant to the downturn with over 24% of the closed deals and representing nearly 40% of deal value.