How Many Deals do PE Firms Source on Axial Every Year? (Hint: 1,000s)

Private equity firms miss the majority of opportunities available in the market. According to Sutton’s annual Private Equity Deal Origination Benchmarking Report (snapshot below), PE firms, on average, cover less than 20% of relevant deal flow coming from lower middle market advisory firms. Even firms in the top quartile only reach 27.5%, and at the very best, market leaders max out at 57.1%.

PE Firms on Axial Expand Their Coverage by 10-37%

Source: Axial Platform Data, Last 12 Months

In this piece, we unpack how Axial expands private equity deal sourcing coverage, enabling firms to uncover opportunities that standard sourcing methods miss. The table above highlights three real PE firms and their annual Axial deal funnels, which we break down later in the article. This expanded coverage is powered by Axial’s deal sourcing engine, which combines technology, marketing, and business development to extend members’ coverage to the long tail of lower middle market sell-side M&A advisors.

Private Equity Market Coverage

Source: Sutton Origination Benchmark Report, Based on 176 PE clients

This limited deal coverage is driven by several challenges. Most advisors are generalists, so industry-specific opportunities surface only occasionally. Advisors are difficult to find, since small firms are rarely in databases and most transactions go unpublicized. The market is highly fragmented, with more than 5,000 boutique investment banks that no BD team can realistically cover.

Private equity investors turn to Axial to expand their coverage of relevant deal flow from lower middle market boutique investment banks and business brokers. Some quick stats on the platform:

Axial Deal Funnel Case Studies

Axial’s membership includes PE funds of all sizes, executing different strategies based on their scale. Below, we break down the annual deal flow of three real private equity firms—at the 10-figure, 9-figure, and 8-figure fund levels—that leverage the Axial platform to expand their coverage, reviewing thousands of opportunities they would not otherwise see.

8-Figure Fund ($10M – $99M AUM)

Deals Sourced | Last 12 Months

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NDAs Signed (Interested Deals) | Last 12 Months

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Source: Axial Platform Data, Last 12 Months

9-Figure Fund ($100M – $999M AUM)

This PE fund is a team of 15+ people. Their latest fund was in the $300M to $350M range, and their current and past investment portfolios include 75-100 companies. With a target investment size between $5M and $25M, the firm focuses on scalable, service-based companies in a range of niche industries. The firm has been an Axial member since 2010, leveraging the platform to source both add-on and platform investment opportunities, and has successfully closed four transactions through Axial.

Deals Sourced | Last 12 Months

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NDAs Signed (Interested Deals) | Last 12 Months

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Source: Axial Platform Data, Last 12 Months

10-Figure Fund ($1B+ AUM)

This PE fund employs more than 60 employees. Its latest fund was in the $1–2 billion range, and the firm currently manages 20-25 active portfolio companies with more than 10 successful exits. The firm focuses on consumer and business services sectors, with core investments spanning food and beverage, health and wellness, automotive, and residential services. The team primarily uses Axial to source add-on acquisitions for its portfolio companies, with EBITDA between $3M and $10M, and, secondarily, to identify platform investments with EBITDA above $10M.

Deals Sourced | Last 12 Months

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NDAs Signed (Interested Deals) | Last 12 Months

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Source: Axial Platform Data, Last 12 Months

Select Private Equity Closed Transactions

Expanding Market Coverage with Axial

In a market where most private equity funds still engage with only a fraction of available opportunities, Axial is helping investors meaningfully widen their reach. By connecting firms to the overlooked segment of the lower middle market, Axial enables deal teams to establish new advisor relationships, uncover proprietary opportunities, and strengthen their origination pipelines. The data shows that Axial PE members are expanding coverage by 10–37%, sourcing from a broader and more diverse advisor network than ever before. For funds competing in an increasingly crowded market, this expanded visibility can be the difference between missing a deal and closing one.