J.P. Morgan Private Assets Index (JPAX) - Middle Market: Index Monitor - June 2026

Research evidence excerpt

J.P. Morgan Private Assets Index (JPAX) - Middle Market: Index Monitor - June 2026

J P M O R G A N Global Index Research

13 July 2026

J.P. Morgan Private Assets Index

(JPAX) - Middle Market

Index Monitor - June 2026

Global Index Research In May 2026, we launched the J.P. Morgan Private Assets Index (JPAX)-

Middle Market, the inaugural index in a broader private markets index suite. Tingting Du, CFA AC

(1-212) 834-5648

As an institutional-grade benchmark built on verified company financials for tingting.du@jpmorgan.com

J.P. Morgan Securities LLC

the U.S. private middle market, JPAX-Middle Market tracks operating

Preetham Nanda

performance and equity value growth of over 6,400 mid-sized U.S. private (1-212) 834-2944

companies with $10mn and $1bn in annual revenue. preetham.k.nanda@jpmorgan.com

This note is the first in our Index Monitor series, providing an overview of Shrirang Deshmukh

JPAX-Middle Market performance and unpacking the key drivers. (44-20) 3493 0910

shrirang.x.deshmukh@jpmorgan.com

J.P. Morgan Securities plc

The JPAX–Middle Market Headline Series measures the change in the implied Gloria Kim

equity value of middle market companies. It is driven by three components: (1) (1-212) 834-4153

revenue growth, (2) changes in financial leverage observed among middle gloria.m.kim@jpmorgan.com

market companies reporting their latest available annual financials, and (3) public J.P. Morgan Securities LLC

industry multiples as of the current month. Akshat Goel

(91-22) 6157-3945

• In June 2026, the JPAX–Middle Market posted +10.6% revenue growth and a akshat.goel@jpmchase.com

-2.4% impact from higher leverage for companies that reported their latest J.P. Morgan India Private Limited

financials between June 2025 and June 2026. Applying time-matched public