Due to the strength of the transaction environment, the competitive market and the high level of „dry powder“, which is looking for a finite number of deals, private equity players need to differentiate themselves, for example in the speed of execution, balance sheet and security of transactions. Sellers have been able to reduce the period during which an auction is held and demand shorter exclusivity deadlines, forcing buyers to act in an agile manner. Similarly, sellers continue to seek commercial security and limited recourse; More and more deals are being concluded on the basis of the absence of surviving indemnification obligations for sellers – even for basic presentations – and on the fact that buyers only look at replacement and warranty insurance (R&W) for coverage. Competition for transactions means that PE buyers are willing to adopt this approach and limit the terms requiring third-party agreement to only the most important conditions. If a person keeps his powder dry, it means that he holds at least part of his personal net assets in cash or marketable securities that can be used quickly if necessary. Fierce competition between private equity buyers and an increased share of dry powder created an overcrowded market in 2018 for private equity investors who gravitated around the deal market. These two factors had a direct influence on asset class valuations and created a particularly expensive market, particularly in the United States, which dominated PE-deal`s global business.