Setting Firm Strategy in a Changing Competitive Landscape: The year 2020 has brought about numerous changes to the large-cap investing landscape, from the necessity of performing of due diligence over videoconferencing to the proliferation of SPACs. In the midst of uncertainty, bid-ask spread within the industry widened as buyers became more risk-conscious while sellers tried to avoid exiting at depressed prices. A larger portion of completed deals were add-ons, as firms chose to deploy capital into known entities versus new platforms. Meanwhile, dry powder remained high, spurring competition for higher quality assets. How will large-cap firms adapt and set investment strategies to navigate through the uncertain post-COVID world?