PitchBook年二季度美国私募股权中间市场报告

Where isyourthere? CLA brings balance to get you where you want to go.Start atCLAconnect.com/balance. ©2025 CliftonLarsonAllen LLP. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor. Contents Executive summary4 PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Deals6 Marina LukatskyGlobal Head of Research, Credit andUS Private Equity Deal valuation metrics11 A word from CliftonLarsonAllen12 Institutional Research Group Deals by backing and sector14 Analysis Spotlight: From Peak to Pivot: SponsorEquity Eases as Lenders Loosen Up15 Garrett Hinds Senior Research Analyst, Private Equitygarrett.hinds@pitchbook.com Exits17 Fundraising and performance22 Jinny Choi Senior Research Analyst, Private Equityjinny.choi@pitchbook.com Kyle Walters Research Analyst, Private Equitykyle.walters@pitchbook.com Data Charlie FarberManager, Data Analysis pbinstitutionalresearch@pitchbook.com Publishing Report designed byAdriana Hansen Published on September 12, 2025 Clickherefor PitchBook’s report methodologies. Executive summary The first half of 2025 underscored the resilience of the USmiddle market, which continues to distinguish itself from thebroader PE landscape. Middle-market deal activity managedto defy the broader market deceleration, posting sequentialgrowth in value and volume at $97.2 billion in Q2—a 4.9%gain QoQ and an 18.1% rise YoY. The tally of 978 closed orannounced deals marks expansions of 6.1% QoQ and 39.1%YoY. Extrapolating these figures, the year is on track for $383billion in total deal value and 3,829 transactions, an 11.8%YoY increase that potentially positions 2025 as the second-best year on record, trailing only 2021. The persistence ofactivity in the face of volatility suggests that GPs are treatingpolicy uncertainty and trade realignment as passing storms,charting their course with confidence that calmer watersand steadier policy winds will set the stage for renewedeconomic expansion in the years ahead. In addition, creditremains plentiful, with direct lenders actively competingfor mandates—driving spreads tighter and lowering thecost of debt. Fundraising has proven more challenging. Through the firsthalf of the year, 59 middle-market funds closed with $41.6billion in aggregate commitments. This compares unfavorablywith the 67 funds and $65 billion raised in the same period of2024, highlighting the difficulties of capital formation amidsluggish exit markets. The slowdown follows four consecutiverecord-setting years of inflows, and the contrast is stark.With LPs facing reduced distributions, many are consolidatingcommitments toward larger or historically successfulmanagers, leaving fewer slots for newer entrants. Even so,emerging managers—those with three or fewer funds—accounted for 38.3% of capital raised YTD, an encouragingsign of ongoing innovation. Notably, 86.7% of funds thatclosed did so at a larger size than their predecessor, with amedian step-up of 57.7%, indicating that those who succeedin fundraising are rewarded handsomely. Yet the overall trendis unmistakable: Without stronger exit activity, fundraisingmomentum will remain capped. Valuation metrics round out the picture and have stabilizedat levels consistent with pre-pandemic norms. The globalmiddle-market M&A EV/EBITDA median multiple is now11.3x—comfortably within the 2017-2019 range—and EV/revenue is at 2x. For PE buyouts specifically, enterprisevalue multiples are somewhat higher at 12.9x EBITDA and2.3x revenue, reflecting a tilt toward technology-driventransactions and improved credit availability. These figuressuggest a market that is neither overheated nor depressed,but recalibrated. Financing costs have moderated sincethe 2022 reset, lenders are once again active, and buyersand sellers appear to be meeting in the middle. Against abackdrop of policy shifts and macroeconomic noise, themiddle market demonstrates its enduring ability to findequilibrium. The result is a sector that continues to transact,raise capital selectively, and lay the groundwork for strongerexits ahead. Exit activity, by contrast, remained constrained. The secondquarter produced 211 exits totaling $28.4 billion, a 5.3%drop in value and a 7% decline in count from Q1. Exit valuealso lagged Q2 2024 levels, down 3.6% YoY. Yet, while theaggregate value continues to trail pre-pandemic benchmarks,exit count has held consistently higher than its historicalaverages for eight consecutive quarters. This divergencefrom the broader PE market—where exits skew toward fewer,larger deals—illustrates the middle market’s differentiatedrhythm. Smaller companies, less reliant on global exposure,remain attractive to strategic buyers seeking bolt-ons andniche capabilities. The IPO window also cracked open, withtwo offerings in