While private equity deals fell in the last two years, dealmakers say they have high hopes about 2024, especially the second half, and they have kept up staffing in M&A practices, regardless of deal volume in any given quarter.

2024 appears to be a year where creative dealmaking—such as carve-outs, minority-stake deals and even some debt covenant deals—could meet pent-up demand, several M&A and private equity lawyers noted.