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We believe that tighter spreads and the reduction in base rates that still lie ahead bode well for a continued strengthening in the middle-market buyout market. For one, it will make large-platform acquisitions easier. More platform companies translate to more add-on acquisitions. Lastly, lower borrowing costs will free up capital for legacy platforms to pursue more add-ons, a vast majority of which are in the middle-market space. Add-on acquisitions account for three out of every four buyouts in the US PE deal market today, and they drive 54.7% of all deal value in the middle market.
(Past performance is no guarantee of future results.)
Latest news
US leveraged loans returns turn negative in October
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) has returned -0.26% this month through October 21, reducing its year-to-date return…
M&A activity begins to tick upward
In the third quarter of 2026, acquisition-linked loan volume across North America and Europe reached about $47 billion, up from $30.6 billion in Q2 and $29.5 billion a year ago.
