Middle Market Private Equity Firms

How this study is made

1. Who counts. An adviser with its main office in the US whose private funds are half or more private equity funds by its own Form ADV (Schedule D), with $250MM or more of private fund gross assets. An exempt reporting adviser counts only when its filing lists a website.
2. The bands. Lower middle market $250MM to under $2BN, middle market $2BN to under $10BN, upper middle market $10BN up to $19.1BN. Firms on our Top 100 Private Equity Firms ranking are on that ranking, not here (71 US firms); 1 more firm files $19.1BN or more without a place on it and is not listed here.
3. One kind per firm. A firm our other lists or rankings already place as another kind of investor is not counted here. Left out: 566 whose kind on our lists or rankings is another kind (105 credit managers, 99 funds of funds or secondaries buyers, 87 hedge fund managers, 78 other businesses, 44 multi-strategy managers, 34 infrastructure or real assets managers, 32 family offices, 21 wealth managers, 18 consultants, 18 real estate managers, 15 venture firms, 10 banks or insurers, 4 traditional managers and 1 platform); 65 whose filed name names another kind of business (such as credit, lending, real estate, infrastructure, wealth or venture); 11 that are advisers of a firm on our Top 100 Private Equity Firms ranking; 2 whose latest Form ADV is more than 15 months old; 2 that file 100 or more individual clients with financial planning and that we have not read; 2 whose filed name says family office (they are on our family office lists); 1 whose own site, as our lists read it, describes another business and that no list of this kind carries.
4. One business, one row. Advisers of one business (the same website or company page on Form ADV, a name their own site carries in one town, or a pair we read by hand) are one row in one band, carried by the larger filing and its figure, never added; 13 folded.
5. Names. Firm names only, as the firm trades; no person, contact or street address is shown.

The rows are free to use with credit under CC BY 4.0. Download the rows as CSV.

Cite as: Praxis Rock Advisors, "Middle Market Private Equity Firms," updated November 9, 2026, praxisrock.com/insights/middle-market-private-equity-firms.