The Trump administration’s frenetic policymaking will dampen the levels of merger and acquisition activity this year despite what is believed to be record levels of private capital waiting to be used on new deals.

That’s the view of London-based Colin Tyler, a partner and chairman of advisory firm OC&C Strategy Consultants. He added that the level of M&A activity will also be hit by the ongoing uncertainty around the effect of artificial intelligence on different industries and the need for private equity investors to start receiving returns from trillions in earlier investments.