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Investment Approach

U.S. middle market focus, diversified access

Our investment strategies

A complimentary, integrated set of strategies that provide access to the massive and growing U.S. middle market on a diversified, opportunistic, or customized basis.

Primary & Secondary

Through a diversified vehicle, we provide access to seasoned managers and attractive funds that may not be otherwise directly available.

Direct

Invest selectively direct in U.S. middle market businesses or alongside seasoned and vetted private equity managers on an opportunistic basis.

Customized

Customized, special purpose strategies to address specific client objectives

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The U.S. Middle Market

A massive, highly diverse, and growing investment opportunity

The U.S. middle market is the powerhouse of America’s economy—the most dynamic, diversified, and growing segment—and only 5% of its over 200,000 companies have private equity backing.

The opportunity set is large and diversified as the U.S. middle market is the backbone of the U.S. economy. Deal flow accounts for the majority of all U.S. private equity by value, but only a minority of all capital raised. Lower entry multiples reflect less competition, more imperfect deal information, and lower correlation to public markets.

Middle market companies operate in a wide range of sectors including manufacturing, technology, healthcare, business services, and retail. This diverse market segment packs a punch economically as by some estimates it generates over $10 trillion in annual revenue, employs over 50 million people, and accounts for approximately 30% of the U.S. GDP.

2,000

Middle market private equity firms

1,300

Middle market private credit vehicles

3,500

Completed deals in the U.S. middle market in 2022

4%pt.

Middle market and large cap bottom decile annual returns differential