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Middle-market valuation multiples are pointing to an increasingly liquid M&A market with valuation expectations broadly aligned with the 2017-2019 range, setting aside the distortions of the pandemic era. As of Q2, both the 2024 and trailing-12-month (TTM) figures are encouraging. Deal activity is improving, lender liquidity is ample, and financing costs are moderating after the reset in 2022.
(Past performance is no guarantee of future results.)
Latest news
Q2 European direct lending activity up 9%
Despite the geopolitical and macroeconomic events of the first half of the year creating a volatile environment, the European private credit market continues to demonstrate robust resilience.
Share of PE middle-market fund count by size bucket
Sector composition tilted hard toward B2B in Q1. B2B accounted for 52.9% of middle-market exit value, up from 38.2% in full-year 2025…
US Leveraged Loans return 1.88% to investors YTD
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) has returned 0.57% to investors this month through July 15, bringing the…