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US PE Middle Market Report

2020 Annual

US PE Middle Market Report

March 17, 2021

US PE Middle Market Report
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How deal value bounced back in the US PE middle market

The US middle market ended a tempestuous 2020 by recording $480.9 billion in deal value—by a slim margin the highest annual number on record. PitchBook's 2020 Annual US PE Middle Market Report, sponsored by Antares Capital, Corporate Resolutions, and ON Partners, and presented in partnership with ACG, explores the trends that drove this remarkable bounce-back in the wake of the pandemic. Among the takeaways:
 
  • Deals priced under $500 million accounted for the greatest share of middle-market deals since the global financial crisis, while a flight to quality drove elevated valuations in the technology, healthcare and financial services sectors.
 
  • Exits fell for the second year in a row as many GPs held on to portfolio companies amid market turmoil.
 
  • Although fundraising fell from 2019’s levels, LPs flocked to middle-market funds raised by the largest PE firms, especially funds focused on technology and healthcare.

This report was sponsored by Antares Capital, Corporate Resolutions, and ON Partners, and presented in partnership with ACG. Interested in sponsoring future editions of this report? Visit our media partnerships page to learn more.