When private equity makes the news, its typically large buyout firms. They buy mega companies, so unsurprisingly make for better headline material. But bigger funds are just the tip of the iceberg. Below the surface is a scaled and matured middle market.
Purchasing dynamics favor the middle market (MM). Large US buyout funds (defined as more than $2 billion fund size) manage $775 billion of dry power. That capital is chasing 4,500 large companies with greater than $500 million revenue. US buyout funds under $2 billion manage $300 billion of dry powder, and target 33 million companies with less than $500 million revenue. Standalone, the US MM is the third largest economy in the world...
Quote of the Week
“GPs are increasingly recognizing the importance of underwriting operational value creation as core parts of their deal theses.” – Global Private Markets Report 2026, McKinsey & Company.
Featuring Charts
Chart of the Week: The Sweet Spot
The middle market punches above its weight. Source: State Street Private Equity Index as of 9/30/2025
Read More
Chart of the Week: Private-Side Only
US companies that go public are opting to stay private longer. Source: Jay Ritter, University of Florida; Apollo’s The Daily Spark
Read More
Chart of the Week: The Equity Premium
In the long-term private equity pays for more risk with better returns. Source: MSCI
Read More
Chart of the Week: Inventory Check
Private equity remains an attractive option for investors through cycles. Source: PitchBook
Read More
Chart of the Week: State of Returns
For over two decades private equity has outperformed public stocks in state pension plans. Source: Cliffwater
Read More
Chart of the Week: Back in the Game
While PE deals transacted shrunk since 2021, deal values rose over past three years. Source: PitchBook
Read More
Subscribe Now!
Join the leading voice of the middle market. Try us free for 30 days.
Click here to view the Newsletter sample.
What is the Lead Left?
- One-stop source for deals and data
- Market trend commentary and analysis
- Exclusive interviews with thought leaders
View Article By
Features
Bloomberg: Leveraged Lending Insights – 2/16/2026
Primary Market Activity Cools Following Active January Click here to access Bloomberg’s US Leveraged Finance Chartbook After a robust start to the year that saw $168.2b in US leveraged loan launches during January, primary market activity has slowed considerably. Through Wednesday, February 18, just $25.9b of new deals have launched – marking the lowest level…
The Pulse of Private Equity – 2/16/2026
Technology PE deal activity Download PitchBook’s Report here. Technology PE deal activity experienced an outsized year, with deal value higher by 67.4% YoY even though deal count rose by a relatively more modest 13.4%…. Subscribe to Read MoreAlready a member? Log in here...
Octus: Private Credit & Deal Origination Insights – 2/16/2026
Issuers in the Information Technology (23%) and Consumer Discretionary (22%) Sectors Topped BDC Non-Accruals as of Q3’25 Click here to request access to the full report. Business development companies, like much of the market, have been focusing on their exposure to software…. Subscribe to Read MoreAlready a member? Log in here...
Middle Market & Private Credit – 2/16/2026
U.S. Private Credit and Middle Market Performance Monitor: 4Q25 Click here to learn more. Fitch’s Privately Monitored Ratings (PMR) Portfolio – 4Q25 In the charts above, Fitch presents aggregate data for issuers in its PMR portfolio. Fitch privately rates these issuers on behalf of asset managers…. Subscribe to Read MoreAlready a member? Log in here...
Leveraged Loan Insight & Analysis – 2/16/2026
BDC share price to NAV moves lower amid expected lower base rates and software sector exposure BDC valuations have moved lower recently amid some concerns around credit quality, specifically in the software sector, in which many BDCs have sizeable stakes…. Subscribe to Read MoreAlready a member? Log in here...
Middle Market Deal Terms at a Glance
provided by
Beginning in July 2022 The Lead Left published a series of articles on credit market. This report consolidates those articles.
Cov-lite trends Inflation & rising interest rates – LIBOR to SOFR transition Mega-tranche uni trend ESG takes center stage Login to view interactive report and download PDF version. … Subscribe to Read MoreAlready a member? Log in here Related posts: 2H 2021 Midyear Outlook Report State of the Capital Markets – Fourth Quarter 2016 Review and
Beginning in September 2021 The Lead Left published a series of articles on supply chain. This report consolidates those articles.
Our Content Partners
