Download PitchBook’s Report here.
Going forward, we expect that returns will be driven by disciplined buying and operational value creation, rather than the macroeconomic tailwinds that did much of the work in the 2010s cycle. Altogether, the lower middle market stands out as an opportunity today: less competition, lower multiples, lower leverage, and higher historical returns point to significant upside potential in this segment of the market.
Contact Garrett Black
Latest news
Software, consumer-related direct lending deals fell in H1'26
August 13, 2026
The software and technology sector, the second-most-active sector in 2025 at 17% of total deal activity, slid to fifth place in the first half of 2026.
Unconquered Territory
August 12, 2026
With most of the map still unexplored, there’s room for a sequel.