Houlihan Lokey’s MidCapMonitor illustrates how the German mid-cap leveraged finance market enjoyed a record year of issuance in 2022, narrowly beating the previous year. According to Managing Director Thorsten Weber, there were significantly more add-on financings last year, as private equity investors added to existing portfolio companies as part of buy-and-build strategies. As a result, the number of new financings decreased, especially in secondary buy-outs.