Big Funds, VCs, Seen as Less Attractive to LPs

Limited partners are again prying open their checkbooks, but they are looking to take capital to middle market funds in greater numbers these days, according to an annual Probitas Partners survey conducted across a group of 183 institutional LPs. More respondents said next year they are likely to back middle market buyout funds ranging in size from $500 million to $2.5 billion and small market funds of up to $500 million (46% and 37%, respectively) than institutional LPs that were looking to invest with $2.5 billion to $5 billion funds and mega-LBO firms pushing funds of $5 billion and up (a paltry nine and five percent, respectively).

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