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US PE Middle Market Report

2023 Annual

US PE Middle Market Report

March 14, 2024

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PE dealmaking in the middle market bounces back


PE middle-market deal volume rebounded in Q4 2023 after a muted Q3, which brought some optimism about an acceleration in PE dealmaking. However, the seemingly solid turnaround may be misleading, as too many deals involved rescue capital or reflected distressed valuations. 

Exit activity also rebounded amid a flurry of continuation fund transactions in the middle-market space. It’s a trend that’s likely to continue given strong fundraising by secondary buyers. 

Our 2023 Annual US PE Middle Market Report, sponsored by Stax, examines dealmaking and fundraising trends beyond what the data shows.


Table of contents
Executive summary 4
Deals 6
A word from Stax 13
Deals by size and sector 15
Spotlight: Q4 2023 US Private Credit & Middle Market Quarterly Wrap 16
Exits 18
Fundraising and performance 24
2023 annual US PE middle-market lending league tables 29
Addendum 30