While most global PE trends these days are pointing downward, which we've argued is a natural part of the up-and-down investment cycle, there were some 1Q numbers in the U.S. PE middle market that particularly caught our eye.
81.5% — 1Q's quarterly increase in lower-middle-market deal value
$47 billion — last quarter's capital invested in core-middle-market transactions, most since 1Q 2015
79% — QoQ drop in upper-middle-market deal volume
7.4 years — median holding period for a MM company exited via corporate acquisition in 1Q (2015's median was 5.3 years)
68% — 1Q MM funds closed with between $100M and $500M in commitments (the smallest two size buckets), up from 59% in 2015 and 52% in 2014
17 – MM deals last quarter by Audax Group, most of any firm
PitchBook defines U.S. middle-market activity as companies acquired through buyouts valued between $25M and $1B: lower middle market ($25M to $100M), core middle market ($100M to $500M), upper middle market ($500M to $1B).
Our 1Q U.S. PE Middle Market Report offers in-depth analysis into the macro factors driving these trends: get free access!