Middle Market
topic on 3 shows · 8 statements across 7 episodes
Innovators & Investors 
Invest Like the Best 
Capital Allocators
8 statements about Middle Market, every show
Kelly: 200,000 Private Companies Generate Between $10 Million and $1 Billion
“They've been operating in the middle market space of private equity, which the middle market's a broad definition of ten million to a billion dollars of revenues, private companies, there's 200,000 of them.”
Milgram: Tariffs over 5% will devastate middle-market margins and debt service
“For the middle market, though anything above like a five or six percent tariff will have a devastating impact on margin, and consequently on the ability to service their debt stock.”
Milgram: Middle-Market Companies Still Get Most Capital From Banks
“The middle market continues to get most of its capital out of the banking system.”
AUM growth forced former middle-market direct lenders to migrate upmarket
“If you look at the entities that were dominant in the middle market 10, 15 years ago, They don't play in the middle market anymore. As their AUM, their capital base has grown, deployment pressures become so significant that they've had to find more efficient w…”
Grossman: Early-Stage Startups Are Mostly Insensitive to Moderate Interest Rate Moves
“I think in this part of the market, so the more founder part of the market, the early stage venture-ish part, I don't think interest rates really matter. Candidly, they do more in the middle market because things are built on leverage and interest coverage and…”
Japan's Middle Market Is the Largest Pool of Cheap, High-Quality Businesses
“Well, I submit to you today that that biggest pool of high quality businesses on low multiples, great entry points, exists in Japan in the middle markets. It's basically a US private equity playbook that exists for weird quirks of how the Japanese financial sy…”
Seides: The US economy cannot sustain private debt loans at 15%
“Fresh money opportunities in private debt are really interesting, because rates have gone up, and there's a dearth of capital, particularly in the middle market. The problem with that is that the economy can't sustain itself on loans at 15%. It just won't work…”
Milgram: Middle-Market Distressed Credit Avoids Multi-Deal Mega-Fund Conflicts
“Honestly, it's why we like to be in the middle market because there's way, way, way less of that in the middle market. We are oftentimes the only secondary buyer in a credit we're working on. We're certainly the early Identifier and early adopter of that credi…”