IPO freeze gives way to cautious optimism as dealmakers see signs of a thaw

Private-equity and venture-capital firms flourished during the low-interest rate period that followed the 2008 financial crisis with a brisk pace of mergers and acquisitions, as well as a healthy pipeline of initial public offerings.

That trend began to taper in 2022 and continued through most of 2023, as markets went from a risk-on to a risk-off environment amid higher interest rates, inflation and heightened geopolitical uncertainty.

The…