Public Comps and Valuation Multiples for PE & VC

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
SoftBank Group	$171B	$282B	$48B	5.8x	7.3x
BlackRock	$163B	$164B	$25B	6.4x	15.4x
Investor AB	$127B	$139B	$7B	19.3x	8.8x
Brookfield	$103B	$344B	$8B	42.6x	51.1x
Blackstone	$100B	$113B	$14B	8.3x	14.0x
KKR	$93B	$17B	$8B	2.0x	3.0x
Brookfield Asset Management	$80B	$82B	$6B	14.2x	25.5x
Apollo Global Management	$74B	($160B)	$29B	(5.5x)	(24.3x)
EQT	$41B	$37B	$3B	11.2x	18.8x
3i Group	$40B	$42B	$9B	4.8x	5.9x
Ares Management	$27B	$41B	$6B	7.2x	20.3x
T. Rowe Price	$21B	$18B	$7B	2.5x	6.2x
2PointZero	$20B	$10B	—	—	—
Carlyle Group	$19B	$33B	$4B	8.0x	20.6x
Amundi	$19B	$16B	$4B	4.1x	8.4x
EXOR	$17B	$21B	—	—	—
CVC Capital Partners	$16B	$17B	$2B	8.6x	13.6x
Ares Capital	$14B	$30B	$3B	9.6x	8.2x
Bajaj Holdings & Investment Limited	$12B	$12B	—	—	—
Ackermans & Van Haaren	$11B	$20B	$7B	2.9x	14.9x
Sofina	$9B	$11B	—	—	—
Compagnie du Cambodge	$7B	$6B	—	—	—
TPG	$7B	$9B	$2B	3.9x	7.7x
Brookfield Business Corp	$7B	$47B	—	—	—
Onex	$6B	$7B	—	—	—
BOC International China	$5B	$8B	$489M	15.3x	—
3i Infrastructure	$5B	$5B	—	—	—
StepStone Group	$4B	$4B	$1B	3.7x	7.9x
Wendel	$4B	$8B	$9B	0.9x	5.4x
Tikehau Capital	$4B	$6B	$767M	7.9x	14.5x
Eurazeo	$4B	$5B	$317M	15.7x	(22.4x)
Bridgepoint Group	$3B	$4B	$805M	4.4x	8.2x
Harbourvest Global Private Equity	$3B	$4B	—	—	—
Ninety One	$3B	($15B)	$877M	(17.0x)	(50.9x)
InvestCo Holding	$2B	$2B	—	—	—
Antin Infrastructure Partners	$2B	$2B	$348M	5.9x	10.8x
HgCapital	$2B	$2B	—	—	—
Rocket Internet	$2B	$1B	—	—	—
Bure Equity	$2B	$2B	—	—	—
GIMV	$2B	$3B	—	—	—
Georgia Capital	$2B	$2B	—	—	—
Kinnevik	$2B	$2B	—	—	(5.5x)
Ratos	$1B	$2B	$2B	0.9x	5.3x
Molten Ventures	$1B	$1B	$169M	7.3x	13.4x
Patria Private Equity	$1B	$2B	—	—	—
Oakley Capital	$1B	$1B	—	—	—
ALTAMIR	$1B	$1B	$54M	21.0x	28.6x
Waha Capital	$986M	$1B	$25M	40.9x	—
Amanat	$872M	$635M	—	—	—
NB Private Equity Partners	$814M	$904M	—	—	—
Clairvest Group	$771M	$X.XB	—	X.Xx	X.Xx
Next Generation Technology Group	$764M	$X.XB	$97M	X.Xx	X.Xx
RTW Biotech Opportunities	$725M	$X.XB	—	X.Xx	X.Xx
Syncona	$718M	$X.XB	—	X.Xx	X.Xx
Senvest Capital	$625M	$X.XB	—	X.Xx	X.Xx
Spiltan Invest	$599M	$X.XB	—	X.Xx	X.Xx
Lion Capital	$545M	$X.XB	—	X.Xx	X.Xx
Deutsche Beteiligungs	$534M	$X.XB	$93M	X.Xx	X.Xx
Acacia Research	$479M	$X.XB	$257M	X.Xx	X.Xx
Aurelius Equity Opportunities	$451M	$X.XB	—	X.Xx	X.Xx
International Biotechnology Trust	$422M	$X.XB	—	X.Xx	X.Xx
MCI Capital	$406M	$X.XB	—	X.Xx	X.Xx
Kinea Securities FII	$372M	$X.XB	—	X.Xx	X.Xx
Pembroke VCT	$371M	$X.XB	—	X.Xx	X.Xx
Omni Bridgeway	$361M	$X.XB	$44M	X.Xx	X.Xx
Fundo Riza Terrax	$358M	$X.XB	—	X.Xx	X.Xx
Deutsche Balaton	$358M	$X.XB	—	X.Xx	X.Xx
SuRo Capital	$337M	$X.XB	$2M	X.Xx	X.Xx
Kinea Unique Hy Cdi FII	$326M	$X.XB	—	X.Xx	X.Xx
Pengana Private Equity	$324M	$X.XB	—	X.Xx	X.Xx
Mauá Capital Recebíveis Imobiliários	$323M	$X.XB	—	X.Xx	X.Xx
Fifth Era Acquisition	$323M	$X.XB	—	X.Xx	X.Xx
Literacy Capital	$264M	$X.XB	—	X.Xx	X.Xx
VNV Global	$263M	$X.XB	$590K	X.Xx	X.Xx
Augmentum Fintech	$246M	$X.XB	—	X.Xx	X.Xx
VEF	$225M	$X.XB	—	X.Xx	X.Xx
Spectral Capital	$208M	$X.XB	—	X.Xx	X.Xx
Brockhaus Technologies	$206M	$X.XB	—	X.Xx	X.Xx
Xlife Sciences	$166M	$X.XB	—	X.Xx	X.Xx
Kinea Oportunidades Real Estate FII	$141M	$X.XB	—	X.Xx	X.Xx
Arbona	$114M	$X.XB	—	X.Xx	X.Xx
Rbr Log FII	$112M	$X.XB	—	X.Xx	X.Xx
Software Circle	$82M	$X.XB	—	X.Xx	X.Xx
Scherzer	$81M	$X.XB	—	X.Xx	X.Xx
TMT Investments	$78M	$X.XB	—	X.Xx	X.Xx
Quest for Growth	$66M	$X.XB	—	X.Xx	X.Xx
Live Ventures	$43M	$X.XB	—	X.Xx	X.Xx
GBK Beteiligungen	$43M	$X.XB	—	X.Xx	X.Xx
Malin Corporation	$41M	$X.XB	—	X.Xx	X.Xx
Elbstein	$37M	$X.XB	—	X.Xx	X.Xx
G2D Investments	$33M	$X.XB	—	X.Xx	X.Xx
Audacia	$31M	$X.XB	$19M	X.Xx	X.Xx
Zest	$29M	$X.XB	—	X.Xx	X.Xx
Bulgarian Private Equity	$29M	$X.XB	—	X.Xx	X.Xx
Azevedo & Travassos Energia	$26M	$X.XB	—	X.Xx	X.Xx
Mountain Alliance	$22M	$X.XB	—	X.Xx	X.Xx
Renewable Ventures Nordic	$17M	$X.XB	—	X.Xx	X.Xx
Private Assets SE	$14M	$X.XB	—	X.Xx	X.Xx
Unfold.vc	$11M	$X.XB	—	X.Xx	X.Xx
MKB Nedsense	$11M	$X.XB	—	X.Xx	X.Xx
Front Ventures	$9M	$X.XB	—	X.Xx	X.Xx
Tokentus Investment	$8M	$X.XB	—	X.Xx	X.Xx
Deutsche Effecten- und	$8M	$X.XB	$2M	X.Xx	X.Xx
Katalysen Ventures	$7M	$X.XB	—	X.Xx	X.Xx
Ludus	$7M	$X.XB	—	X.Xx	X.Xx
Carlson Inv	$6M	$X.XB	—	X.Xx	X.Xx
CNL Capital E.K.E.S	$6M	$X.XB	—	X.Xx	X.Xx
Finchain Capital Partners	$5M	$X.XB	—	X.Xx	X.Xx
Blockmate Ventures	$4M	$X.XB	—	X.Xx	X.Xx
CodeLab Capital	$4M	$X.XB	—	X.Xx	X.Xx
Cardeon	$4M	$X.XB	—	X.Xx	X.Xx
Coinix	$4M	$X.XB	—	X.Xx	X.Xx
Apollo Capital ASI	$2M	$X.XB	—	X.Xx	X.Xx
Fonterelli GmbH &	$1M	$X.XB	—	X.Xx	X.Xx
Argo Blockchain	$1M	$X.XB	—	X.Xx	X.Xx
Abelco	$998K	$X.XB	—	X.Xx	X.Xx
Strategie Kapital	$483K	$X.XB	—	X.Xx	X.Xx
Dessixx	$323K	$X.XB	—	X.Xx	X.Xx

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