PitchBook：2025年第一季度美国私募股权中端市场报告（英文版）

The current uncertainty surrounding US trade policy exerts significant pressure on middle-market companies. The B2B and B2C sectors—together representing more than half of all PE-backed companies—are particularly exposed. Although many firms manufacture domestically, their operations are anything but insulated. Within B2B, industrial firms rely heavily on imported commodities and less specialized inputs. Meanwhile, consumer companies depend on finished goods sourced from abroad. In both secto