Share of PE middle-market exit value by type

PB icon
Content hub / Article / PitchBook / Share of PE middle-market exit value by type


Download PitchBook’s Report here.

Middle-market exit activity carried through into 2026, with a Q1 total exit value of $32 billion across 218 transactions, up 14% and 1.5% YoY, respectively. QoQ, value fell 19% and count fell 22.9% from a strong Q4 2025, but the comparison is against a quarterly peak; the Q1 reading sits in line with the levels seen in the past four years. While corporate buyers stepped back once more in Q1, two forces are reinforcing the sponsor-to-sponsor channel. First, sponsors paying up for larger, more profitable platforms, create the buy-side demand that absorbs middle-market exits. Second, corporate buyers remained selective on smaller targets even as their appetite for larger acquisitions remained firm. In the middle market, exit value to corporates dipped below pre-pandemic averages, demonstrating corporates’ current disproportionate focus on larger acquisition targets.

(Past performance is no guarantee of future results.)

Business development companies and the rise of balance sheet financing vehicles

Podcast

Business development companies and the rise of balance sheet financing vehicles

Fitch's Deb Murnin and Chelsea Richardson discuss the growing use of off-balance-sheet JVs and finance companies among BDCs, exploring the drivers, leverage impacts, portfolio risk profiles, and potential rating implications for Fitch-rated BDCs.
Listen
Private Debt Investor New York Forum

September 15-16, Hudson Yards, New York

Private Debt Investor New York Forum

Bringing together the investors, managers and advisers shaping the next phase of the market — 200+ allocators and $10.6 trillion of LP capital expected. Benchmark strategies, hear from leading LPs, and cut through market noise over two unmissable days.
Learn more
US Private Credit League Tables H1'26

Report

US Private Credit League Tables H1'26

The definitive rankings covering private credit activity in H1'26.
Download
PitchBook's Q2 2026 US PE Breakdown

Report

PitchBook's Q2 2026 US PE Breakdown

Software freezes and energy powers on as US PE deal value falls 38% in Q2 2026.
Download
Making sense of private credit defaults

Webinar

Making sense of private credit defaults

What does private credit default data really tell us? Join our exclusive webinar featuring experts from KBRA, Moody's, Fitch Ratings, and S&P Global to find out.
Register

Latest news

    Rate hike expectations ease as term SOFR curve flattens

    The CME six-month Term SOFR rate reached a recent high of 3.979% on July 28 before retreating to 3.837% as…

    Read More

    3Q26: New loan assets rise to 44% of total lending, a 3-year high

    New loan assets as a proportion of total US loan volume make up 44% of the 3Q26 pipeline to date,…

    Read More

    North American GPs dominant as fundraising accelerates

    Our PEI Private Credit 200 ranking also shows capital raising increasing overall – and accelerating especially fast for the largest…

    Read More