U.S. Private Equity Middle Market Update

Private equity activity in the U.S. middle market has continued to accelerate from 2024 into 2025. According to PitchBook, more than 3,400 deals totaling approximately $370 billion in transaction value were completed in 2024 — a significant rebound from 2023.

Deal flow in Q1 2025 alone reached $95 billion, with nearly 1,000 transactions completed, reflecting positive year-over-year momentum. The strongest activity has been in the $100–500 million range, a core focus of our strategy, with particular strength in the Mid-Atlantic and West Coast regions.

A notable driver of this momentum has been continued activity among founder-owned businesses, which accounted for over half of all middle-market transactions in Q1. These companies—typically smaller in scale and less institutionally backed—are coming to market at a steady pace, often seeking strategic partners to navigate succession planning, operational complexity, and capital constraints.