H1 2026 Middle Market Capital Markets Review

This semi-annual review summarizes capital markets conditions for middle-market companies seeking institutional financing, with focus on process readiness, term sheet trends, and sector-specific investor appetite.

Key themes

• Growth equity pacing remains selective; profitability and unit economics under heightened scrutiny
• Private credit competing more directly on flexible structures for sponsor-backed platforms
• Cross-border raises requiring earlier SPV and governance alignment
• Quality-of-earnings and lender-ready reporting as a differentiator in competitive processes

Methodology

Based on observed mandates, investor conversations, and market data through March 2026. Not a recommendation to buy, sell, or transact in any security or asset class.