What makes the mid-market so interesting to us at Pantheon:

• Focus: Buyouts or growth equity investments in a vast universe of private companies, often founder-led or family-owned.
• Advantages: Lower entry multiples and more modest debt packages vs large-cap, with multiple pathways to create value and flexible exit options.
• Diversity: Wide variety of companies, funds and strategies – and so dispersion of performance potential.
• Opportunity: The best returns have historically found in the mid-market segment.
• Key takeaway: Careful manager and asset selection is crucial to unlocking the potential of mid-market investing.

Click below to read our latest Pantheon Perspectives paper, which includes key research findings showcasing the broad and growing universe of companies, funds and deals in the mid-market, as well as the enhanced growth potential and historic performance in this dynamic and diverse segment.

The paper includes insights from Jeff Miller, Partner and Co-Head of Investment at Pantheon, who says: “Mid-market funds tend to be more specialized, where smaller fund sizes can allow managers to maintain a disciplined focus on niche sectors and industries over time. This specialization enables deeper market knowledge and the potential to identify undervalued opportunities that larger funds might overlook.”