UK private equity investments with an enterprise value of less than £50 million surged to a huge majority of lower mid-market activity in the first half of 2015, amid signs that UK-based managers are targeting smaller deals focused on companies offering real growth prospects.

Sub-£50 million deals accounted for 80% of the number of UK lower mid-market transactions overall - those with an enterprise value of between £10 million and £100 million - in the first half of the year, according to research published by buyout firm Lyceum Capital and Cass Business School on September 1.