PitchBook年二季度美国私募股权中间市场报告（英）

USPE Middle Market ReportSponsored byQ22025©2025 CliftonLarsonAllen LLP. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor. Where is your there?CLA brings balance to get you where you want to go. Start at CLAconnect.com/balance. Sponsored by3Contents Sponsored byQ2 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 GroupAnalysisDataCharlie Farber Manager, Data Analysispbinstitutionalresearch@pitchbook.comPublishingReport designed by Adriana HansenPublished on September 12, 2025Click here for PitchBook’s report methodologies.Executive summary 4Deals 6Deal valuation metrics 11A word from CliftonLarsonAllen 12Deals by backing and sector 14Spotlight: From Peak to Pivot: Sponsor Equity Eases as Lenders Loosen Up 15Exits 17Fundraising and performance 22Garrett 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.com Sponsored by4Q2 2025 US PE MIDDLE MARKET REPORTExecutive summaryThe first half of 2025 underscored the resilience of the US middle market, which continues to distinguish itself from the broader PE landscape. Middle-market deal activity managed to defy the broader market deceleration, posting sequential growth in value and volume at $97.2 billion in Q2—a 4.9% gain QoQ and an 18.1% rise YoY. The tally of 978 closed or announced deals marks expansions of 6.1% QoQ and 39.1% YoY. Extrapolating these figures, the year is on track for $383 billion in total deal value and 3,829 transactions, an 11.8% YoY increase that potentially positions 2025 as the second-best year on record, trailing only 2021. The persistence of activity in the face of volatility suggests that GPs are treating policy uncertainty and trade realignment as passing storms, charting their course with confidence that calmer waters and steadier policy winds will set the stage for renewed economic expansion in the years ahead. In addition, credit remains plentiful, with direct lenders actively competing for mandates—driving spreads tighter and lowering the cost of debt.Exit activity, by contrast, remained constrained. The second quarter produced 211 exits totaling $28.4 billion, a 5.3% drop in value and a 7% decline in count from Q1. Exit value also lagged Q2 2024 levels, down