1、Sponsored byUSPE Middle Market ReportQ32022Upside to adownturn?While inflation may be abating,the federal interest rate serves as a reminder of continued market uncertaintyand ongoing need for an experienced,cycle-proven approach.In this issues Q&A,Timothy Lyne,CEO,shares the impact of current marke

2、t dynamics on direct lending,where opportunities may still be found,as well as the upside of selectively constructing a diverse and defensive portfolio.Read the full Q&A in this issue.A3ContentsPitchBook Data,Inc.John Gabbert Founder,CEONizar Tarhuni Senior Director,Institutional Research&EditorialD

3、ylan Cox,CFA Head of Private Markets ResearchInstitutional Research GroupAnalysisPublished on December 14,2022Click here for PitchBooks report methodologies.PublishingReport designed by Megan WoodardDataAlyssa Williams Data ATim Clarke Senior Analyst,Private EJinny Choi Analyst,Private EKyle Walters

4、 Associate Analyst,Private EQ3 2022 US PE MIDDLE MARKET REPORTExecutive summary4Deals5A word from Antares Capital 10Spotlight:Healthcare services report12Exits15A word from LBMC19Fundraising and performance21Q3 2022 US PE middle market lending league tables26Sponsored by4Sponsored byQ3 2022 US PE MI

5、DDLE MARKET REPORTEXECUTIVE SUMMARYExecutive summary The middle market is a highly informative microcosm and broad indicator of the PE industry at large.We define the space as companies of a certain size that have received PE backing of between$25 million and$1 billion.By that measure,the middle mar

6、ket represents 67.9%of total US PE deal value over the last five years.Not every PE deal is a buyout,but it is the core deal type that differentiates PE as a strategy.For that reason,this report captures control transactions only,which comprised 74.0%of total middle-market deal value as of Q3 2022.T