In mid-to-late 2024, mid-market private equity exits experienced a short-lived rebound in activity, but fell off in Q1 2025 as companies in this segment have been hit harder by erratic tariff shifts and policy whiplash. Additionally, reports indicate a lack of access to IPO markets provides fewer exit options for mid-market assets compared to larger-cap peers. 

This year’s heightened volatility has deterred potential PE sellers, many of whom don’t want to sell their portfolio companies in tough times for fear of lower valuations. As we conclude Q2 2025, we are beginning to see higher levels of mid-market exit activity, but we won’t know for sure how the segment is performing in relation to prior periods or larger PE until the data confirms actual performance later this summer. Stay tuned.

Explore success stories and considerations across the private equity investment lifecycle.

In Q1 2025, this segment recorded $29.6 billion in total exit value, representing a 14.3% quarter-over-quarter decline. This figure also fell below the average quarterly levels recorded between 2017 and 2019, the report says. The exit count also dropped sharply, decreasing by 20.2% from the previous quarter to 219 deals.

https://pitchbook.com/news/articles/tariff-and-recession-risks-put-mid-market-pe-exits-on-the-back-foot?sourceType=NEWSLETTER