The US PE Breakdown analyzes PitchBook datasets to unveil trends across deals, exits and fundraising within private equity. Our analysts find that dealmaking activity is off to a slothful start in 1Q 2019, but they believe record levels of dry powder will pressure investors to start spending and propel activity throughout the rest of the year. The downturn is even more evident across exit activity as GPs retained companies longer in anticipation of a friendlier selling environment. Fundraising, however, appears set to match 2018's pace as non-buyout strategies proliferate. This edition also spotlights Brookfield's acquisition of Oaktree and the deal's potential ramifications on the M&A environment for private market asset managers.