December 16, 2020
The middle-market began to bounce back in Q3 2020 after being battered by the economic wreckage wrought by COVID-19. In this rendition of PitchBook’s middle-market report, our analysts dive into how an accommodating Federal Reserve has backstopped the credit market while a red-hot equity market has emboldened PE firms to take on risk and make deals. Similarly, exits have begun to tick up, although to a lesser extent. Some GPs are awaiting a more sanguine economic environment before offloading portfolio companies, while others have restarted sale processes that should close in 2021. In addition this report covers how fundraising was also battered but looks to rebound as many LPs get used to doing business over video and a broad distribution of the vaccine is on the horizon.
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