The State of Middle Market Fundraising
In a story of ‘haves and have-nots’, mega-fund momentum has masked a tougher reality for smaller firms. Fundraising now hinges on pedigree, sector focus and increasingly creative deal structures.
Despite the fluctuating headlines in 2025, private equity had a pretty good year. Over $1 trillion in deals were consummated, including the largest deal in PE history with the $55 billion take-private of Electronic Arts.
But much of this momentum occurred at the larger end of the market, and these deals helped prop up fundraising for larger firms. Smaller middle-market funds, on the other hand, continued to struggle to capture the attention of LPs.
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