Share of PE middle-market exit value by type

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Middle-market companies offer a wide array of exit options, as their smaller size makes them attractive targets for acquiring niche or local markets, enhancing business capabilities, and increasing market share. Additionally, middle-market companies can be acquired by other sponsors interested in investing in the next stage of growth. Earnings have been improving for middle-market PE-held companies, helping posit them as candidates for acquisitions for larger fellow PE firms that still have plenty of dry powder to invest.