By AUM (or current fund size), how big are firms that are considered upper middle market. Further, I had thought $10bn is the approx. cut off for being considered a megafund - but it seems like a ton of firms that aren't considered megafunds are well above $10bn (ie MDP). Does this $10bn refer to the fund they are currently investing out of?

These definitions are cloudy by nature, and there is no clear cutoff point that differentiates "middle market" from "upper-middle market". I suspect the $10bn figure you've heard refers to the size of an individual fund, not total AUM. Identifying the funds most frequently described as MFs offers some guidance: typically, it is some combination of 1) size of the currently active fund, 2) targeted size of equity checks and 3) longevity / notoriety / number of funds raised / AUM.

How big is "Upper Middle Market"

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How big is "Upper Middle Market"

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