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US PE Middle Market Report

2018 Annual

US PE Middle Market Report

January 23, 2019

The 2018 Annual US PE Middle Market Report captures a year in which every quarter exceeded $100 billion in deal value and the first year in which deal value surpassed $400 billion. PitchBook analysts offer context around these elevated levels of dealmaking, the steady dip in exit activity since its peak in 2014, and allocators' zeal for middle-market funds. The report spotlights notable middle-market activity in the restaurant industry, which is evolving rapidly to accommodate consumer preferences.

In 2018, the US PE middle market saw:
  • $427.9 billion total deal value across 2,971 deals (increases of 14.8% and 15.1% YoY, respectively)
  • $187.6 billion total exit value across 876 exits (decreases of 10.5% and 14.8% YoY, respectively)
  • $110.8 billion capital raised across 131 funds (decreases of 4.4% and 21.1% YoY, respectively) 

This report, sponsored by Antares Capital and ACG, also features Q&As with David Brackett, managing partner and co-CEO of Antares Capital, and Angela MacPhee, a partner at Baker Tilly.