What constitutes a middle market firm?

I’m currently an undergrad student interning at an investment bank that typically has analysts almost exclusively exit to MMPE firms. What exactly constitutes a firm being MM vs UMM? Are there specific things about fund size, investment criteria, AUM etc that differentiate firms from the two buckets?

I’d appreciate any insight that people can provide as I try to understand the PE landscape — thanks in advance!

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What constitutes a middle market firm?

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