After a wave of platform buyouts from institutional investors and equity funds, many younger developers are looking towards growth capital and securing their own equity. What will the next crop of developers need, and how is the M&A market responding? 

• Lay of the land - who is buying and what are you seeking in new acquisitions? 

• To what extent have debt market conditions influenced the pace of M&A activity?

• Have valuations for assets changed drastically in the last year? Do you expect to see any large fluctuations by the end of 2023?