16-page special report published exclusively for The Times newspaper. Summary: This year saw the value of mergers and acquisitions hit a record global high of £2.79 trillion and the upward trend is projected to continue in 2016 as confidence improves across boardrooms worldwide. This report examines the top five big-money sectors for M&A, the rise of tech startups with a pre-planned exit strategy and the volatility of business valuation. It also explores the building pressure on private equity managers to put cash to work, and the increasing importance of due diligence and compliance.