PitchBook-2025年一季度美国私募股权中间市场报告（英）

USPE Middle Market ReportQ12025Sponsored bycbh.com/AssetManagementPairing Spicer Jeffries’ renowned securities industry reputation with Cherry Bekaert’s comprehensive audit, tax and advisory services to guide you forward.Serving The AssetManagement Industry COMMITTED TO3,500+Portfolio Companies3,600+ FundsCOMBINED INDUSTRY RELATIONSHIPS:500+Professionals COMBINED TEAM:Sponsored by3Q1 2025 US PE MIDDLE MARKET REPORTPitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceMarina Lukatsky Global Head of Research, Credit and US Private EquityInstitutional Research GroupAnalysisGarrett Hinds Senior Research Analyst, Private Equity garrett.hinds@pitchbook.comJinny Choi Senior Research Analyst, Private Equity jinny.choi@pitchbook.comKyle Walters Research Analyst, Private Equity kyle.walters@pitchbook.comDataNick Zambrano Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Josie Doan and Adriana HansenPublished on June 13, 2025Click here for PitchBook’s report methodologies.ContentsSponsored byExecutive summary4Deals6Deal valuation metrics11A word from Cherry Bekaert12Deals by backing and sector14Spotlight: Private Capital in Sports: PE Is Up to Bat16A word from CIL Management Consultants18Exits20Fundraising and performance25US PE middle-market lending league tables29Sponsored by4Q1 2025 US PE MIDDLE MARKET REPORTExecutive summaryThe current uncertainty surrounding US trade policy exerts significant pressure on middle-market companies. The B2B and B2C sectors—together representing more than half of all PE-backed companies—are particularly exposed. Although many firms manufacture domestically, their operations are anything but insulated. Within B2B, industrial firms rely heavily on imported commodities and less specialized inputs. Meanwhile, consumer companies depend on finished goods sourced from abroad. In both sectors, elevated tariffs weigh on margins and strain supply chain resilience, and the fluidity of tariff rates has made it difficult for companies to provision inventory ahead of seasonal demand. Without certainty on which countries will achieve trade agreements with the US—or what those agreements will entail—companies are left navigating a murky landscape.Compounding these structural vulnerabilities, middle-market companies now confront a heightened recession risk. In April and May, Polymarket’s prediction markets assigned an average probability of 49.8% to a US recession this year.1 This marks a sharp rise from 20% at the beginning of the year. While the probability has fallen in June,2 the negative sentiment during most of Q2 could be a self-fulfilling prophecy if capital investments are pushed out.Middle-market firms are less equipped to weather such disruptions than their larger counterparts because they tend to operate in competitive market segments, have fewer defensive moats, and often rely on a small cadre of key employees. With limited financial flexibility, these c