The Repricing of Private Markets: 25 Years of Data on Valuations, Leverage and Returns
Entry EV/EBITDA multiples have shifted from 6.9x to 13.0x, 57.4% of deals now price above 12x, and leverage risk is building again. Based on 172,000+ private market deals, this report shows how valuations, capital structures, and returns have changed across the market, North American buyouts, and Software — helping LPs and GPs challenge assumptions, sharpen manager selection, and spot risk before it hits performance.
