Preface

The Global Mid-Market¹ Private Equity report for H1 2025 analyzes the market trends in Private Equity (PE) Merger & Acquisition (M&A) deals through H1 2025. A publication from Altius², the report highlights how PE deals and operations teams 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

Conclusion

Although sponsor, region, and sector trends have remained relatively consistent across the past few quarters, H1 2025 has shown a dip in deal activity by comparison to the first half of last year. The Mid-Market has consistently been resilient to overall market trends, despite being vulnerable to shifting investor sentiments and market uncertainties. While exit pressures intensify, investors seem to be preparing themselves for activity in the Upper Mid-Market segment, despite H1 2025 showing more resilience in the Lower Mid-Market. Deal activity in stable sectors such as technology and healthcare have continued to establish the importance of taking advantage of high growth segments and their stable revenue. With large amounts of dry powder in the Private Equity landscape, the second half of this year will be important in determining how investors adapt to pressure and instability in the current environment.

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.