PitchBook：2025年二季度美国私募股权中间市场报告（英文版）

The 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