Preface

The Global Mid-Market¹ Private Equity Annual report for 2024 analyzes the market trends in Private Equity (PE) Merger & Acquisition (M&A) deals through calendar 2024. A publication from Altius², the report highlights how PE deals and operations team differentiate themselves from their peers to generate higher returns through operational excellence. The report analyzes different Mid-Market (MM) sub-segments by region, fund-type, industry segment and deal economics.

2024 Mid-Market Deals at a Glance

Figure 1: PE Deals (H1 2024 v H2 2024)

Figure 2

Conclusion

Despite fundraising headwinds driven by Limited Partner liquidity issues, the Private Equity Mid-Market powered through 2024 with deal activity and exits supported by stable growth and easing interest rates. Top firms are doubling down on generative AI to supercharge portfolio performance, streamline operations, and turn technology into a competitive edge. With increasing competition and complexity, successful firms are focusing on integrated diligence and creative liquidity solutions to sustain strong returns and navigate evolving market conditions. Heading into 2025, firms with bold strategies, smart capital moves, and a clear vision will be able to adapt quickly and innovate across fundraising, technology, and value creation and be poised to win in an increasingly complex landscape.

Notes

      ¹ Globally, the Mid-Market segment is categorized based on annual revenue of portfolio companies, with three distinct tiers. The Lower Mid-Market (LMM) is companies with revenues between $25 million to $100 million.  The Core Mid-Market (MM) ranges from $100 million to $500 million, and Upper Mid-Market (UMM) ranges from $500 million to $2 billion.

      ² Altius is a Mid-Market private equity advisory firm, with offices in US, UK and India. Established in 2019, the firm focuses on funds and Mid-Market portfolio companies globally, working with deals and operations teams to deliver EBITDA.