If you saw a dealmaker over the summer, odds are that they were on vacation.

Driving the news: Global M&A activity was lower in Q3 2023 than it was in either the preceding quarter or the year-earlier quarter, according to preliminary data from LSEG.

• Year-to-date activity is at its lowest level in a decade.

The glass half empty argument is obvious, and buttressed by rising oil prices and falling economic prospects for Europe and China.

The glass half full argument focuses on the U.S., where the deal data was less dire.

• Global deal volume hit $616 billion in Q3 2023, down 21.2% from Q2 2023 and down 12.9% from Q3 2022.
• In the U.S., meanwhile, the $296 billion in Q3 was just 6.3% lower than Q2 2023 and 17% higher than Q3 2022.
• Year-to-date, global M&A is off 27.8% and U.S. M&A is down 23.7% — boosting U.S. market share to 44.3% in 2023 from 42% in 2022.

In the weeds: The top two industry sectors in 2023 have been energy and tech, each with 14.5% market shares.

• They're followed by health care (13.6%), industrials (12.3%), materials (11.4%) and financials (11.1%).
• Geographically, China is the only country besides the U.S. with a double-digit market share (10.1%).

The bottom line: CEO and dealmaker optimism are on the rise, per recent surveys, but it's not yet reflected in the numbers.

League One Volleyball, a U.S. youth volleyball group that will launch a women's pro league next year, raised $35 million in Series B funding led by Left Lane Capital.

Why it's the BFD: Women's volleyball is having a moment, as evidenced by the 92,000 fans who showed up last month to watch Nebraska take on Omaha.

• It's also competitive at a corporate level, as two other pro leagues are launching with their own VC funding.

Other investors include Ares Management, Lindsey Vonn, Candace Parker, Jordyn Poulter, Amy Schumer, Amy Griffin, Linda Henry, Jayson Tatum, Chelsea Handler and Kevin Durant and Rich Kleiman's Boardroom Sports Holdings.

Details: The pro league will launch after next summer's Olympic Games in Paris, with initial clubs to be located in Atlanta, Houston, Madison, Wisconsin, Omaha, Nebraska, and Salt Lake City.

The bottom line: LOVB hopes to differentiate itself from other pro sports upstarts by employing a bottom-up approach that will leverages its 1,100 youth club teams across 21 states.

• AlphaSense, a New York-based market intelligence and search platform, raised $150m in Series E funding at a $2.5b valuation. Bond led, and was joined by CapitalG, Viking Global, BAM Elevate and Goldman Sachs. https://axios.link/3PUocUz

🚑 Harbinger Health, a Cambridge, Mass.-based developer of cancer screening and detection technologies, raised $140m in Series B funding. Founding investor Flagship Pioneering was joined by Pictet, Partners Investment and M&G Investments. www.harbinger-health.com

• Nord Security, a Lithuanian VPN provider, raised $100m led by Warburg Pincus at a $3b valuation. https://axios.link/3RFiNSU

• Arc, an SF-based electric boat maker, raised $70m in Series B funding. Eclipse led, and was joined by Andreessen Horowitz, Lowercarbon Capital and Abstract Ventures. https://axios.link/467z8Uu

• Slope, an SF-based B2B payments platform, raised $30m. Union Square Ventures led, and was joined by Sam Altman, Monashees and YC. https://axios.link/3ZvZ89O

🌎 Atlas Materials, a London-based developer of a technology for low-emission manufacturing of battery nickel, raised $27m in Series A funding from Grantham Environmental Trust and Voyager Ventures. www.atlasmaterials.com

🚑 Midi Health, a Los Altos, Calif.-based provider of menopause health care solutions, raised $25m in Series A funding. GV led, and was joined by insiders Felicis, Semper Virens, Icon, 25M and Operator Collective. https://axios.link/48qwtqN

• Gem Security, an Israeli cloud detection and response startup, raised $23m in Series A funding. GGV Capital led, and was joined by IBM Ventures and Silicon Valley CISO Investments. https://axios.link/46jOd5q

🌎 Pexapark, a Swiss provider of clean energy financing software, raised $21m in Series C funding. Telstra Ventures led, and was joined by Swisscom Ventures and the A&G Energy Transition Tech Fund. https://axios.link/46w50SN

• Apron, a London-based invoice processing platform for small businesses, raised $15m in Series A funding. Index Ventures led, and was joined by Bessemer Venture Partners and Visionaries Club. www.getapron.com

• Canvs AI, a New York-based consumer and employee feedback analytics platform, raised $15m. Fulcrum Equity Partners led, and was joined by Engage. www.canvs.ai

• Revefi, a Seattle-based data quality and cost monitoring and management platform, raised $10.5m in seed funding. Mayfield led, and was joined by GTMfund and Neythri Futures Fund. www.revifi.com

• UnitX, a San Jose, Calif.-based developer of AI vision systems for manufacturing robotics, raised $5m from SE Ventures. www.unitxlabs.com

• Aug X Labs, a New York-based video creation platform, raised $3.1m. Unlock Venture Partners led, and was joined by Dropbox Ventures, Flying Fish Ventures and Hyde Park Venture Partners. https://axios.link/3ProqBi

• Le Petit Lunetier, a French DTC eyewear company, raised $4m from Nesco Brands. https://axios.link/3ZwUKas

• Rayon, a French collaborative design tool for architecture, engineering and construction, raised €4m in seed funding Northzone and Foundamental co-led, and were joined by Seedcamp. www.rayon.design

• Air Conditioning Specialist, a portfolio company of Hidden Harbor Capital Partners, acquired Total Comfort, a Macon, Ga.-based provider of HVAC services. www.theairconditioningspecialist.com

• Battery Ventures formed a new lab automation platform via the purchases of three companies: Skalar Analytical (the Netherlands), PromoChrom Technologies (Canada) and LCTech (Germany). www.battery.com

• Capstreet acquired PlanetBids, a Woodland Hills, Calif.-based provider of e-procurement SaaS. www.planetbids.com

⚽ Dynasty Equity, co-founder by Jonathan Nelson (Providence Equity) and Don Cornwall (PJT Partners), bought a minority stake in Premier League club Liverpool F.C. from majority owner Fenway Sports Group, whose backers include RedBird Capital Partners.

• Macquarie said it's considering a £636m takeover offer for Renewi (LSE: RWI), a British waste management firm. https://axios.link/3t8BxQh

⚡ Pipestone Energy (TSX: PIPE) shareholders approved a reverse merger with Strathcona Resources, a larger Canadian oil producer owned by Waterous Energy Fund. https://axios.link/3EV6Bpq

• Susquehanna Private Capital invested in U.S. Compliance, an Excelsior, Minn.-based provider of EHS compliance management solutions to facilities. www.uscompliance.com

• Sycamore Partners agreed to buy apparel retailer Chico's FAS (NYSE: CHS) for $1b, or $7.60 per share (65% premium to yesterday's closing price). https://axios.link/3LFzgCD

🚑 Virgin Pulse, backed by Marlin Equity Partners, is merging with fellow employee health benefits platform HealthComp, backed by New Mountain Capital, in a $3b deal. https://axios.link/3F2atop

• DKV Mobility, a German fleet services firm owned by CVC Capital Partners, plans to launch its Frankfurt IPO next week, per Reuters. https://axios.link/3rqSYv5

• Schott Pharma, a German maker of drug bottles and vials, began trading in Frankfurt after the year's largest German IPO so far. https://axios.link/3PWsg75

🚑 Vedanta, a listed Indian natural resources group, is prepping separate floats for several of its business units – including aluminum, oil and gas, iron ore and steel – per Bloomberg. https://axios.link/3tcSVUd

• Palo Alto Networks (Nasdaq: PANW) is in talks to buy Talon Cyber Security, an Israeli secure enterprise browser provider, for between $600m-$700m, per TechCrunch. Talon has raised over $140m from firms like Evolution Equity Partners, Ballistic Ventures, CrowdStrike, Merlin Ventures, SYN Ventures, Lightspeed Venture Partners, Sorenson Ventures and Team8.

• Palo Alto Networks also reportedly plans to spend between $300m-$400m to buy Dig, an Israeli cloud data security startup that raised around $45m from such backers as SignalFire, Felicis and Okta Ventures.

🚑 Tendo, a Philadelphia-based digital engagement platform for health care, acquired MDsave, a Brentwood, Tenn.-based health care marketplace, for $150m. Tendo has raised over $60m from firms like Lux Capital and General Catalyst, while MDSave backers included Change Healthcare. https://axios.link/467vFFs

🚑 Varian, a unit of Siemens Healthineers, acquired Aspekt Solutions, a Greenbelt, Md.-based provider of medical physics and dosimetry services, from L2 Capital. www.aspektsolutions.com

• AGCO (NYSE: AGCO), a Georgia-based tractor maker, will pay $2b to acquire certain ag-tech assets of Trimble (Nasdaq: TRMB). https://axios.link/3REq6Kr

• Citigroup (NYSE: C) is in talks to sell its China onshore retail wealth unit to HSBC (NYSE: HSBC), per Bloomberg. https://axios.link/46qai20

• Madaluxe Group, a Seal Beach, Calif.-based luxury brand platform backed by Hilco, acquired a majority stake in tequila brand Enemigo. www.madaluxegroup.com

• Pros Holdings (NYSE: PRO), a Houston-based provider of revenue management software to airlines, hired Qatalyst Partners to find a buyer, per Bloomberg. The news sent the company's market cap up to around $1.7b. https://axios.link/46qXOay

🎵 Saregama, an Indian music label, acquired nearly a 52% stake in digital entertainment startup Pocket Aces, an Indian digital entertainment startup whose backers include Sequoia Capital India and 3one4 Capital. https://axios.link/465uS84

🌎 BXVentures of Belgium is raising between $200m and $250m for a climate-focused venture studio fund. www.bxventures.com

• Enza Capital, a VC firm focused on "digitizing key African industries," raised $58m for two new funds. https://axios.link/3t7swXL

• Gauge Capital, a Texas-based midmarket PE firm, is raising its fourth fund, per an SEC filing. www.gaugecapital.com

• Industry Ventures raised $1.45b for its 10th VC secondaries fund, plus $260m for its second fund focused on direct investments in software companies. https://axios.link/46jO55W

• Mercury Fund, an early-stage VC firm focused on SaaS startups, raised $160m for its fifth fund. https://axios.link/3ruenDw

• Mythos Ventures, an AI-focused firm founded by Vishal Maini (ex-DeepMind), raised $14m for its debut fund. https://axios.link/3t9T2Ql

• Ritual Capital, a new seed-stage firm led by Chris Howard (Fuel Capital), raised $38m for its debut fund. www.ritualcapital.com

• TPG is raising its eighth Asia buyout fund, per an SEC filing.

• True Light Capital, a private equity unit of Singaporean sovereign wealth firm Temasek, raised $3.3b for a fund to invest in Greater China. https://axios.link/45dU5Mi

• Caitlyn MacDonald joined the New York City Retirement System as an infrastructure-focused investment officer. She previously led IR for Upper Bay Infrastructure Partners and Lee Equity Partners. https://axios.link/46ssSGR

• Tom Spengler, co-founder and former CEO of Granicus, joined Great Hill Partners as an executive-in-residence. www.greathillpartners.com

• DCM, an early-stage VC firm, promoted David Cheng, Kenichiro Hara and Fiona Huang to partners. www.dcm.com

• Felicis Ventures promoted Jake Storm and Ryan Isono to partners, and James Detweiler to deal partner. www.felicis.com