Dealmaking is alive and well in the lower middle market, as assistant managing editor Anthony Noto reports in this issue's cover story. For proof that the lower middle market is thriving, look no further than the first quarter of 2013. Thomson Reuters marked 432 transactions with values of $1 billion and under in the quarter. A full 367 of those middle-market deals, or nearly 85 percent, were valued at $250 million or less. Cleveland's Evolution Capital Partners, cofounded by Jeffrey Kadlic, who appears on our cover, is one of many private equity firms succeeding with small deals.

At the other end of the spectrum, David Rubenstein, co-CEO and co-founder of the Carlyle Group LP (Nasdaq: CG), talks about the challenges big PE firms in Noto's story, "Far Cry from the Glory Days."

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