Sagard says mid-market buyouts outpace mega-funds as valuations, competition rise

By Public Technologies
  • Sagard analysis argued private equity’s public image is distorted by mega-buyouts, with most activity occurring quietly in the mid-market.
  • Private equity assets were estimated at USD 8 trillion to USD 10 trillion, more than doubling over the past decade.
  • Mid-market buyouts were described as less reliant on financial engineering, with returns driven more by operational improvement.
  • Risk was framed as centered on leverage, liquidity, manager selection, cash-flow timing, not day-to-day volatility.
  • DPI was cited as the key performance metric since 2022, as slower exits increased focus on cash returned to investors.


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