War in the Middle East and the energy-price volatility it helped trigger are hampering dealmaking for the majority of private-equity fund managers, according to a survey by consulting firm KPMG. The war delayed or outright stalled mergers and acquisitions for 28% of the survey's respondents, while 47% say they are investing with greater caution because of the conflict. Meanwhile, 58% of respondents say energy-price volatility has driven them to take a more "selective and cautious approach to dealmaking overall," according to the survey, which pooled 150 U.S. private-equity dealmakers. "The war in the Middle East and resultant energy price volatility are major factors impacting M&A strategy," KPMG says. (luis.garcia@wsj.com; @lhvgarcia)
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