Slow start for big deals
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The US middle market only saw about $7 billion worth of deals valued in the $500M-$1B transaction range in Q1. That translated into 7% of total dollars invested in the middle market, a very small ratio by historical standards, according to PitchBook’s latest US Middle Market Report. Last year upper middle market deals accounted for 21% of total value, so the first quarter pivot is probably not an accident.