What It Takes to Win a Middle-Market Mandate
As bulge brackets push down and boutiques refine their edge, the fight for engagements is intensifying—rewarding bankers who bring precision, relationships and process discipline.
There are more bankers chasing fewer deals—and they are all getting better. As bulge-bracket firms push down-market and boutiques sharpen their edge, the middle market has become one of the most competitive battlegrounds in M&A. For sellers, the choice set is expanding. For advisers, standing out is getting harder by the day.
PE deal volume fell one percent and average hold times rose to 6.2 years in 2025, according to McKinsey.