Other deal trends continued to point to investor caution and negotiating leverage. The percentage of deals with participating preferred provisions increased from the prior quarter across all deal stages. The data also saw an increase in the utilization of pay-to-play provisions in Q3. In another signal of investor caution, we witnessed the percentage of tranched transactions reaching 20.5% of deals in the quarter, a marked increase from the prior quarter.
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Dispatches From The Front 