A very slow start for exits
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PitchBook’s latest US PE Middle Market Report shows a big drop-off in middle-market exit activity. Only 175 exits were completed in the first quarter, many of which probably started in late 2021. That’s a low number even by pre-COVID standards. When you take out the second and third quarters of 2020, Q1 2022 represents the lightest exit flow since early 2016.