After peaking in 2017 at close to 50%, equity share of capital in the middle market has declined to less than 35%.
Source: LPC
Latest news
Share of PE middle-market deal count by backing type
November 5, 2026
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.
Software deal share falls in middle markets, rises in large caps
November 5, 2026
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
November 5, 2026
Secondary loan prices came under significant pressure through September and October, with the Bloomberg U.S. Leveraged Loan Index declining 119…