Middle-market private equity firms increasingly see market turbulence as an opportunity to secure reasonable valuations in sectors otherwise valued frothily, two financial sponsor investment committee members tell me. Despite a near term pause in public market listings and widespread murmurs of sector wide markdowns, it’s business as usual for the increasingly acquisitive asset class in terms of deal interest. What has changed is their boundless appetites. Firms are still pursuing targets in their typical geographic, Ebitda, and sector strike zones, but are showing less willingness to stretch on valuation.
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