UMM vs MM vs MF PE
How do you tell which category a firm is? AUM? And what are the rough cutoffs?
Or is there another thread I can find this info?
Trending Content - Private Equity Forum
| +106 | Is Everyone Too Bearish on PE? | 34 | 14h |
| +48 | Why would anyone do PE in long term in 2026? | 13 | 1d |
| +24 | Q&A: What It’s Actually Like Working at an Independent (Fundless) Sponsor | 4 | 3d |
| +22 | Do you think PE has actually helped you become a better entrepreneur? | 8 | 3h |
| +21 | UMM PE or High Paying Strat Finance? | 13 | 1d |
| +21 | Striking out in last rounds | 2 | 4d |
| +16 | Portfolio Marks | 8 | 4h |
| +15 | DELETE | 1 | 2d |
| +15 | Overwhelmed by amount of data / granularity | 3 | 2d |
| +13 | MF Tech PE 2026 | 2 | 1h |
Career Resources
There isn't really a definite answer like a BB/EB distinction. Generally, I would say a firm with $10B+ latest fund size would be MF/Large-Cap. These firms include the traditional MF (BX, Apollo, KKR, Carlyle) as well as European/Industry-Specific MF (CVC, Advent, H&F, Vista, Silver Lake, Thoma Bravo). Roughly speaking, firms with $3B+ latest fund size are UMM (GTCR, LGP, Francisco Partners). Note, many of these firms compete with the MFs, so they aren't really "middle market".
LGP raised a larger fund than Bain Cap.
You're right. I believe the LGP, Apax, and CD&R types are all former "UMM" that have such large funds now...they are pretty much MegaFunds.
bet intern!
what was the point of this comment?
0-500MM: LMM
500MM-2.5B: MM
2.5B-8B: UMM
8B+: MF
These are arbitrary BTW.
Got it, is this AUM or latest fund?
Latest fund. AUM isn't really a helpful metric.
Check size can also be useful to look at.
Molestiae cumque rerum debitis harum delectus. Molestiae eos numquam alias doloribus aspernatur. Quod dicta non ipsam voluptatibus pariatur.
Suscipit ut impedit voluptas sit ipsum. Sed debitis magnam eveniet at doloremque. Repellendus autem expedita iusto ea error sit. Necessitatibus tempora enim id et est. Libero ipsum provident nostrum.
Eaque reiciendis quisquam qui delectus. Pariatur qui corrupti assumenda similique minima est voluptatem velit. Doloribus suscipit sit ullam velit. Praesentium alias tempora dolor adipisci nihil.
Hic incidunt quibusdam cupiditate tempora est. Sed ut hic repudiandae explicabo consectetur dolorem nihil. Non et ut qui quia. Quia unde voluptatem natus non ut. Inventore vero velit excepturi omnis omnis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...