Have yet to see a clear and concise answer to this. In my opinion I would say anything above 1 billion in AUM is MM and above 10-20+ is approaching the MF PE category.
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I always thought middle market was moreso in reference to deal size (which is somewhat correlated to AUM). It seems everyone but the mega funds refer to themselves as middle market, meaning they'll be in play for anything from $1M to $1B or whatever.
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