The Pulse of Private Equity – 3/20/2023

Middle-market valuations down in 2022


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Middle-market multiples peaked much earlier than the overall market, which saw its highest price tags in 2021. That said, middle-market EV/EBITDA multiples continue to subside, according to PitchBook’s US PE Middle Market Report. After peaking at 16.0x in 2019, the headline number came down about a turn and a half to 14.6x in both 2020 and 2021.