Middle Market M&A Market Survey for 2025–26

This report presents a market survey focused on private equity partners' perspectives regarding middle market mergers and acquisitions (M&A) for the 2025-26 period. The survey indicates a significant shift in sentiment, moving from hesitation to a renewed appetite for deal-making as the market stabilizes. It highlights that while 2025 was characterized by stabilization, with a notable percentage of respondents viewing market strength positively, the outlook for 2026 is overwhelmingly optimistic. Key findings include expectations for increased deal volume and a focus on creative deal structures to bridge valuation gaps. The report also identifies concerns such as tariffs impacting deal flow and emphasizes the importance of sustainable value and growth potential in acquisition targets. The data was collected from private equity partners specializing in middle and lower-middle market investments, aiming to provide insights into current and projected trends in the M&A landscape.