The next buyout cycle is heavy middle market
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If the latest fundraising numbers are any indication, the new buyout cycle taking hold will be much more geared toward the middle market, particularly on the lower end. Compared to years past, the latest crop of MM funds accounts for a larger percentage of fund closings by count. Through August 1, funds in the $100M-$500M range made up almost half (49.7%) of all 2017 fund closings—only a few years ago that percentage was closer to a third (35% in 2014) by count.