PitchBook：2025年第三季度美国私募股权中间市场报告（英文版）

US middle-market deal activity has been impressive throughout the year, moving forward even as the broader PE landscape experienced a slight slowdown. In Q2, the middle market showed sequential growth in deal value and volume, while the broader US PE market struggled to keep its pace in the face of market volatility. Since then, investors have adopted a more risk-on posture, encouraged by increased macroeconomic clarity and expectations of interest rate adjustments. Middle-market deal activit