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PitchBook’s latest US Middle Market Report shows a strong start to 2021, with the second highest quarterly totals in terms of value. An estimated $119.5 billion was invested in middle market companies in Q1. Combined with the record $160 billion from Q4, almost $280 billion was invested in the middle market over those six months. For context, those two quarters outpaced the majority of annual totals, as recently as 2016 ($274.2 billion). On the volume side, another 776 deals were struck in Q1, coming off a record 1,143 transactions in Q4 2020.
(Past performance is no guarantee of future results.)
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Top 50 BDCs Accounted for 75% of Nonaccrual Loan Cost in Q2’26
The 50 largest BDCs, on the basis of total debt investments as of the second quarter of 2026, accounted for 75% of the total aggregate reported value of nonaccrual debt at cost and fair value.
US private debt AUM ($B) by channel
In 2025 and the early part of 2026, the retail channel added AUM to the asset class at a much faster rate than institutional investors in both regions, with growth rates of 43.7% globally, 41.4% in the US, and 73. 1% in Europe through the beginning of 2026 compared with year-end 2024 figures.
