Lower Middle Market

Auctions and proprietary sourcing each play a role in the LMM, but their paths differ in execution.

LPs are making room for small funds, but only when the strategy is sharp enough to justify the allocation.

With leverage contributing less to returns, buyers are increasingly finding that the most expensive acquisitions are not those with the highest multiples, but those burdened by operational issues that delay value creation from day one.

ACP IV will continue Align’s buy-and-build strategy focused on lower-middle-market businesses.

Bill's Trash marks Liberty's fourth acquisition in 2026.