“Low entry multiples, high growth and an unconstrained exit environment mean small deals are becoming big business,” writes Private Equity International. Triago’s Global CEO, Matt Swain discusses the impact of a difficult IPO market, why GPs are replacing portfolio company sales with dividend recaps and how LPs are cutting back relationships with mega managers and increasingly investing in the middle market. [The march of the US mid-market (privateequityinternational.com)]