1、USPE Middle Market ReportSponsored byQ220252025 CliftonLarsonAllen LLP.CLA(CliftonLarsonAllen LLP)is an independent network member of CLA Global.See CLA advisory services are offered through CliftonLarsonAllen Wealth Advisors,LLC,an SEC-registered investment advisor.Where is your there?CLA brings ba

2、lance to get you where you want to go.Start at CLA by3Contents Sponsored byQ2 2025 US PE MIDDLE MARKET REPORTPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceMarina Lukatsky Global Head of Research,Credit and US Private EquityInstitutional Research GroupAn

3、alysisDataCharlie Farber Manager,Data APublishingReport designed by Adriana HansenPublished on September 12,2025Click here for PitchBooks report methodologies.Executive summary 4Deals 6Deal valuation metrics 11A word from CliftonLarsonAllen 12Deals by backing and sector 14Spotlight:From Peak to Pivo

4、t:Sponsor Equity Eases as Lenders Loosen Up 15Exits 17Fundraising and performance 22Garrett Hinds Senior Research Analyst,Private Equity Jinny Choi Senior Research Analyst,Private Equity Kyle Walters Research Analyst,Private Equity Sponsored by4Q2 2025 US PE MIDDLE MARKET REPORTExecutive summaryThe

5、first half of 2025 underscored the resilience of the US middle market,which continues to distinguish itself from the broader PE landscape.Middle-market deal activity managed to defy the broader market deceleration,posting sequential growth in value and volume at$97.2 billion in Q2a 4.9%gain QoQ and

6、an 18.1%rise YoY.The tally of 978 closed or announced deals marks expansions of 6.1%QoQ and 39.1%YoY.Extrapolating these figures,the year is on track for$383 billion in total deal value and 3,829 transactions,an 11.8%YoY increase that potentially positions 2025 as the second-best year on record,trai