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PitchBook’s latest US Middle Market Report shows a strong start to 2021, with the second highest quarterly totals in terms of value. An estimated $119.5 billion was invested in middle market companies in Q1. Combined with the record $160 billion from Q4, almost $280 billion was invested in the middle market over those six months. For context, those two quarters outpaced the majority of annual totals, as recently as 2016 ($274.2 billion). On the volume side, another 776 deals were struck in Q1, coming off a record 1,143 transactions in Q4 2020.
(Past performance is no guarantee of future results.)
Latest news
Share of PE middle-market deal count by backing type
Add-ons remain the workhorse for middle-market deployment, accounting for 67. 1% of all middle-market transactions YTD, in line with activity seen in recent years.
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In Q3’26 software’s share of total deals fell in both the Lower Middle Market (to 7%) and Upper Middle Market (to 9%), while Large Cap saw a modest uptick in share to 8%.
Secondary loan prices stabilize following steep declines
Secondary loan prices came under significant pressure through September and October, with the Bloomberg U.S. Leveraged Loan Index declining 119…