PitchBook
Multiples on PE buyouts
Median net debt/EBITDA across the market stood at 4.7x in 2025, and although it bottomed near 4x in 2023 before recovering, it remains below the 5.2x reached in 2021…
Read MoreMultiples on PE buyouts
This quarter marks our integration of SPI by StepStone as the primary source for US buyout valuation metrics for the PE Breakdown.
Read MorePE middle-market pooled IRR and TVPI by TEV size bucket
The lower end of the middle market has generated better returns on average and does not come with significantly more left-tail risk
Read MorePE middle-market TVPI and DPI by fund vintage
Going forward, we expect that returns will be driven by disciplined buying and operational value creation, rather than…
Read MoreShare of PE middle-market fund count by size bucket
LPs facing constrained distributions are concentrating commitments with a shorter list of established, brand-name managers…
Read MoreShare of PE middle-market exit value by sector
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…
Read MorePE IRR Distribution by TEV Size Bucket
Pooled IRRs for recent middle-market vintages have compressed alongside the broader cycle.
Read MoreShare of PE middle-market exit value by type
Middle-market exit activity carried through into 2026, with a Q1 total exit value of $32 billion across 218 transactions, up 14% and 1.5% YoY, respectively.
Read MoreUS PE middle-market deal activity by quarter
The middle market got off to its strongest start since 2021, even as its share of PE deal value dropped to the lowest level on record.
Read MoreMiddle market vs. megafund PE IRR dispersion (2018–2021 vintages)
For much of the past two decades, PE delivered a consistent premium over public markets that justified its illiquidity and fee load—a proposition that is now under pressure.
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