Private Equity’s Middle Tier is Struggling as Capital Tightens and Exit Options Dry Up

After it emerged from the rubble of Lehman Brothers, Trilantic Capital Partners exemplified the success of private equity’s vast middle market for more than a decade.

Profitable bets on energy companies and consumer names like Traeger Pellet Grills bolstered its reputation as low interest rates fueled a boom across the industry. In 2019, investor appetite was so plentiful that Trilantic hit the upper limit of money it was willing to accept for the sixth iteration of its flagship fund.