Global Mid-Cap M&A Market Share Insights

Private Equity Portfolio Company Inventory Given our strong market share serving the PE community, HL is well positioned to benefit from the growing number of portfolio companies held by private equity. Current Inventory of U.S. Private-Equity-Backed Companies (2013-2023) ■Greater than 5 Years Old Less than 5 Years Old 11,283 10,865 10,386 9,701 9,209 8,760 8,290 7,821 7,526 7,213 6,882 7,378 3,905 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: PitchBook as of December 31, 2023. Houlihan Lokey | 25

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