The Pulse of Private Equity – 3/21/2022

Middle market multiples eased in 2021


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Middle market buyout multiples are returning to normalcy, according to PitchBook’s 2021 Annual Middle Market Report. The rolling three-year median settled at 12.5x in 2021, not much higher than the 12.3x median in 2019. The anomaly was 2020, which shot up to 14.0x. Most of that increase was due to much higher equity contributions.