Question about MF/MM/LMM
Do the categories just represent the size of the deals or the strength of the firm?
For example, when pitching, do LMMs compete against MFs or only other LMMs?
If the latter, why don’t MFs have LMM/MM deal times to take market share?
The categories MF (Mega Funds), MM (Middle Market), and LMM (Lower Middle Market) primarily represent the size of the funds and the typical deal sizes they handle, rather than the strength or prestige of the firms. Each category tends to focus on different segments of the market due to varying strategies, resources, and expertise.
Deal Size and Competition:
Market Segmentation:
Strategic Focus:
In summary, while all these funds operate in the private equity space, their strategies, target deal sizes, and competitive landscapes differ significantly, influencing whom they compete with and how they operate within the market.
Sources: https://www.wallstreetoasis.com/forum/private-equity/then-and-now-compbanker?customgpt=1, THEN and NOW: @CompBanker, Is it dumb to exit to LMM PE rather than starting in bigger (MF/UMM) opportunities first?, Are top MFins target programs for Private Equity firms?, MM pe vs MF
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