While these are optimistic numbers, they largely reflect the amount of dry powder raised in 2013-2016, a fundraising bonanza that continues through today. The last three years have all eclipsed the highest annual total raised pre-crisis ($120 billion in 2007). The UMM is benefiting from a slew of $1B+ funds raised in 2014-2016 (42, 36 and 31, respectively), which have been the muscle behind overall MM numbers for the last several quarters. There's a possibility we may sound like a broken record for the rest of the year, as fundraising and activity levels don’t show many signs of slowing. Next week we’ll take a look at middle-market exit activity and dive into the PE industry’s middle-market company inventory.
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