As the nation’s only research center of its kind focused on the performance and competitiveness of middle market companies, the National Center for the Middle Market (NCMM) tracks issues related to growth including access to capital, private equity investment, and working capital management. Recently, we completed a study on private equity and private credit in the middle market in collaboration with Future Standard, a global asset management firm based in Philadelphia, Pennsylvania. Based on the survey findings of 400 middle market leaders, private credit has become an increasingly prominent component of the middle‑market financing landscape. While the sector has grown substantially over the past decade, new data suggests that its integration into corporate capital structures is now both broad and multifaceted. Understanding how and why firms use private credit—and where they encounter limitations—offers insight into the evolving financial environment in which middle‑market companies operate.
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