Private equity deal activity involving midsize companies is running at full tilt as cash-flush lenders help buyout firms finance acquisitions, driving leverage to levels not seen since before the financial crisis.

Private-equity firms invested a total of $264.6 billion across 1,721 midmarket deals in the U.S. during this year’s first half, or more than two-thirds of the $393.5 billion invested across 2,662 deals in all of last year, according to research provider PitchBook Data Inc. PitchBook said the industry is on track to surpass the record annual total of $416.3 billion for the segment reached in 2019. The researcher defines the U.S. “core” midmarket as businesses valued from $100 million to $500 million. READ MORE