Creal Valuation Multiples

BlackRock is an investment management company headquartered in New York City, founded in 1988 by Larry Fink, Robert Kapito, Susan Wagner and several partners. It manages assets for institutions, governments, pension funds, insurers and individual savers through index and active strategies, including the iShares exchange-traded fund range. The firm also develops Aladdin, a risk-management and portfolio-operations technology platform that it licenses to other asset managers, banks and insurers. Its alternatives business covers private equity, private credit, real assets and infrastructure, expanded through the acquisitions of Global Infrastructure Partners, HPS Investment Partners and the private-markets data provider Preqin. BlackRock invests through direct, co-investment and fund-of-funds programmes, and takes minority and growth positions in technology companies alongside venture and growth investors. It operates offices across the Americas, Europe, the Middle East and Asia-Pacific, and its shares are listed on the New York Stock Exchange.

Investor AB is an industrial holding company with a long-term, active investment portfolio plan. Its operations are divided into three business areas: Listed Companies, Patricia Industries, and Investments in EQT. The majority of the company's revenue is generated from dividends and changes in the value of its investment in other listed companies. Geographically, it generates the maximum revenue from the United States, with the remainder coming from Sweden, the United Kingdom, France, Germany, South America, Africa, and other regions.

SoftBank Group is a Tokyo-listed technology investment and telecommunications holding company founded in 1981. Its assets include a controlling interest in semiconductor designer Arm, ownership positions in Japanese telecommunications and internet businesses, and a global portfolio of public and private technology companies. SoftBank also sponsors the Vision Funds, which invest large pools of capital in growth-stage companies across artificial intelligence, software, consumer internet, mobility and related sectors. The group earns operating revenue from consolidated businesses and investment returns through asset management, equity ownership and disposals. In September 2021 SoftBank Vision Fund 2 led Sorare’s USD 680 million Series B financing, which valued the fantasy-sports company at USD 4.3 billion. The live Sorare round already names SoftBank Group as lead investor; the Aldea correction only adds the missing participating investor and aligns the date with Sorare’s official announcement.

Blackstone is an American alternative investment management company based in New York City. It was founded in 1985 as a mergers and acquisitions advisory firm by Peter Peterson and Stephen Schwarzman, who had previously worked together at Lehman Brothers. The firm runs private equity, real estate, credit, infrastructure, hedge fund solutions, secondaries, growth equity and insurance solutions businesses. Its private equity arm has been one of the largest leveraged buyout investors for three decades, and its real estate arm has bought commercial property and hotel companies worldwide. Blackstone listed on the New York Stock Exchange in June 2007. Its early private equity funds financed buyouts in hotels, funeral services, packaging, chemicals and waste services.

Brookfield Corp is an investment firm focused on building long-term wealth for institutions and individuals, operating through seven segments: Asset Management, Wealth Solutions, Renewable Power and Transition, Infrastructure, Private Equity (which generates the highest revenue), Real Estate, and Corporate Activities. The company invests in real assets that form the backbone of the economy to deliver risk-adjusted returns to stakeholders, with the majority of its revenue coming from Asset Management. It has a presence across the United Kingdom, the United States (which contributes the highest revenue), Australia, Canada, Brazil, India, Colombia, Germany, other parts of Europe, other parts of Asia, and additional countries.

KKR is one of the world's largest alternative-asset managers, with $796.5 billion in total managed assets, including $638.4 billion in fee-earning assets under management, at the end of June 2026. The company has two core segments: asset management (which includes private markets—private equity, credit, infrastructure, energy, and real estate—and public markets—primarily credit and hedge/investment fund platforms) and insurance (following the firm's initial investment in, and then ultimate purchase of, Global Atlantic Financial Group, which is engaged in retirement/annuity and life insurance lines as well as reinsurance).

Brookfield Asset Management is one of the world's largest alternative-asset managers, with USD 1.151 trillion in total managed assets, including USD 580.7 billion in fee-earning AUM, at the end of September 2025. The company has three main business segments: private credit (USD 349.0 billion in total AUM and USD 262.8 billion in fee-earning AUM), private equity (USD 151.0 billion/USD 46.3 billion), and real estate/real assets (USD 651.0 billion/USD 271.6 billion). The firm primarily serves institutional investors (90% of AUM) and high-net-worth individuals (10%), and is diversified globally, with 67% of revenue from the Americas, 20% from EMEA, and 13% from Asia-Pacific. Canadian-based Brookfield Corporation owns 73% of Brookfield's outstanding Class A shares.

Apollo is one of the world's largest alternative asset managers, with $908.4 billion in total assets under management, or AUM, including $685.0 billion in fee-earning assets, at the end of September 2025. The company has two core operating segments: asset management and retirement services. Apollo operates with scale in each of its major product lines-private equity (with $125.6 billion in total AUM and $71.7 billion in fee-earning AUM), real estate/real assets ($59.6 billion/$27.1 billion), and private credit ($723.2 billion/$586.2 billion). Apollo has a distribution profile that is likely not too far off from the industry averages-with 84% of its assets held by institutional investors and 16% by high-net-worth clients.

Rocket Companies is a financial services company that was originally founded as Rock Financial in 1985 and is currently based in Detroit. Rocket Companies offers a wide array of services and products but is best known for its Rocket Mortgage business. The company’s mortgage lending operations are split between its direct-to-consumer lending, which sees borrowers accessing the company’s lending arm directly through either its mobile app or website, and its partner network where mortgage brokers and other firms use Rocket’s origination process to offer loans to their customers. The company has rapidly gained market share in recent years and will also be the largest mortgage servicer in the US following its acquisition of the Mr. Cooper Group.

EQT is a Swedish global private markets investment firm, formally EQT AB, headquartered in Stockholm and listed on Nasdaq Stockholm. It was founded in 1994 by Investor AB, SEB and AEA Investors, with Conni Jonsson as founding chairman, and is associated with the Wallenberg family. Its funds invest in private equity, infrastructure, real estate, growth equity and venture capital across Europe, North America and Asia-Pacific, and it runs a private wealth business. EQT ranks second globally in private equity and fifth in infrastructure by capital raised. Together with Coller Capital it reported about €341 billion of assets under management in the second quarter of 2026, and its portfolio companies employ more than 550,000 people across over 330 companies. It set up EQT Ventures in 2016, listed in 2019, bought Life Sciences Partners in 2021 and Baring Private Equity Asia in 2022. Well-known investments include the software company IFS, the pest-control group Anticimex, SUSE, Zayo Group and the Swedish fibre operator IP-Only. It is led by chief executive Per Franzén and chairman Jean Salata, and earns management fees and carried interest.

3i Group PLC is a closed-ended investment fund and an investment company specialising in private equity and infrastructure. The Company generates returns for its shareholders and co-investors by investing in private equity and infrastructure assets. Its business segments are private equity, infrastructure, and Scandlines. The private equity segment invests in business services, consumer, healthcare, and industrial sectors, while the infrastructure segment invests in utilities, transportation, and social infrastructure.

Ares Management is one of the world's largest alternative-asset managers, with $671.3 billion in total assets under management, including $409.9 billion in fee-earning AUM, at the end of June 2026. The company has four main business segments: credit strategies ($440.5 billion in total AUM and $266.1 billion in fee-earning AUM), private equity ($24.5 billion/$13.9 billion), real estate/real assets ($151.2 billion/$88.6 billion), and other alternatives ($55.1 billion/$41.3 billion). The firm primarily serves institutional investors (80% of AUM) and high-net-worth individuals (20%). Ares operates through more than 35 offices in over 15 countries.

T. Rowe Price is a global investment management firm headquartered in Baltimore, Maryland, and listed on Nasdaq as T. Rowe Price Group. It was founded in 1937 by Thomas Rowe Price Jr. The firm manages mutual funds, exchange-traded funds, subadvised portfolios, separate accounts and retirement plans for individuals, institutions and financial intermediaries. Its public-equity funds, including the New Horizons, Growth Stock, Science and Technology and Health Sciences strategies, also invest in late-stage private companies through crossover and growth rounds, often as a lead or large participant in rounds alongside venture and growth investors. It earns fees on assets under management and from retirement recordkeeping services. In 2021 it acquired Oak Hill Advisors, which gave it a private credit and alternatives platform. It acquired F/m Investments, a Washington-based ETF and fixed-income manager, in 2026, and runs a product collaboration with Goldman Sachs on private-market offerings for retirement and wealth clients.

KE Holdings, or Beike, is a large residential real estate sales and rental brokerage company in China. Founded in 2001, the company operates through self-owned Lianjia stores in Beijing and Shanghai and connected third-party agencies, including franchise brand Deyou in other cities, with commissions charged on existing-home and new-home transactions. Leveraging an online-offline hybrid model, Beike also attract clients through its namesake online marketplace. The company tapped into home renovation services by acquiring Shengdu Home Decoration in 2022. As of the end of 2025, Beike’s co-founders collectively control the company, while Tencent and its affiliates share 8% of voting power.

Amundi resulted from the merger of the asset manager businesses of French banks Credit Agricole and Societe Generale in 2010. In 2017, it expanded into Italy, Germany, and Austria by acquiring Pioneer Investments, which had previously been UniCredit's asset manager. France accounts for just under half of assets under management, while Italy and the rest of Europe contribute about 30% combined. Assets from Asia are growing rapidly and contribute just shy of 20%. Amundi is the largest European asset manager and a top 10 asset manager globally. Credit Agricole remains a controlling shareholder with a 70% stake.

Two Point Zero Group PJSC is an investment firm involved in the energy and consumer sectors. Its portfolio incorporates AI-enabled and diversified assets designed to support operational efficiency and potential long-term returns. Its business operations are involved in: i) Energy & Infrastructure: renewable energy, infrastructure solutions, and regional mining across the energy value chain. ii) Consumer: media, mobility, retail, beauty, food, and packaging iii) Investments: institutions and fintech initiatives focused on long-term capital, synergies, and financial infrastructure development.

Citicorp established CVC Capital Partners in 1981 as its European venture capital business. In 1993, the senior investment team negotiated a spinout from Citicorp to form an independent firm, at which point CVC also completed its transition from venture capital into leveraged buyouts and investments in mature businesses. Over time, CVC evolved into a manager of private equity, credit, secondaries, and infrastructure funds. CVC invests most of its funds in Europe and the United States, with a smaller exposure to Asia.

EXOR NV is a private equity investment firm based in Amsterdam, Netherlands. The firm seeks to invest in the United States and Europe.

REA Group is a technology company operating in the real estate sector. REA Group’s primary business is an online listings platform for residential real estate, www.realestate.com.au, which is the largest residential real estate listings platform in Australia, at around four times the size of the number two, www.domain.com.au. REA Group is majority-owned by News Corp. REA Group’s other businesses include adjacent services.

DWS Group is a Frankfurt-headquartered global asset manager with roots dating to 1956. It serves institutional and individual investors through active, passive and alternative investment strategies. The alternatives platform invests directly in infrastructure, real estate and other private-market assets. Its infrastructure business targets transportation, utilities, telecommunications and essential-service companies through equity, debt and separate-account mandates. The group earns investment-management and performance fees from client assets across Europe, the Americas and Asia through a global distribution network. A DWS-managed infrastructure fund partnered with OMERS to buy Grandi Stazioni Retail in 2024. The correct database identity is DWS Group and not DWS Strategic Municipal Income Trust, a United States municipal-bond closed-end fund.

Carlyle Group is a global investment firm headquartered in Washington, DC, founded in 1987. It invests through three business segments: Global Private Equity, Global Credit and Carlyle AlpInvest, which covers secondary and primary fund investments. The Global Private Equity platform makes buyout and growth investments across aerospace, defense and government services, consumer and retail, energy and power, financial services, healthcare, industrial, technology and telecom and media, in North America, Europe, Asia and other regions. The firm is listed on Nasdaq under the ticker CG, and co-founders William Conway, Daniel D'Aniello and David Rubenstein served as its senior leaders. Carlyle maintains offices on several continents and has historically invested alongside management teams and co-sponsors in large take-private and carve-out transactions.

Ares Capital Corporation is an American specialty finance company, listed on Nasdaq as ARCC, that makes direct loans and other investments in private middle-market companies in the United States. Founded in 2004, it is regulated as a business development company and is externally managed by a subsidiary of Ares Management, the global alternative investment manager co-founded in 1997 by Antony Ressler, Michael Arougheti and others. It sources borrowers through direct origination and incumbent relationships and lends mainly through first-lien senior secured loans, alongside second-lien, subordinated, preferred and common equity investments, including co-investments with Varagon Capital Partners through its Senior Direct Lending Program and a stake in the Ivy Hill Asset Management platform. As of 30 June 2026 its portfolio was valued at about US$29.3 billion across 619 portfolio companies backed by 273 private equity sponsors, with 59% in first-lien loans and 71% at floating rates, and it reported stockholders' equity of US$13.9 billion. In the second quarter of 2026 it made about US$2.6 billion of new commitments. It was the largest publicly traded BDC by market capitalisation, and it earns interest, dividends and fee income, paying most of its earnings to shareholders as quarterly dividends, set at US$0.48 a share for the third quarter of 2026.

Bentley Systems is a software vendor that caters to civil engineers, constructors, and geospatial professionals by enabling design, simulation, and data management of infrastructure assets such as roads and bridges. While Bentley is smaller than many other design software companies, it is a market leader across a handful of specialty areas, including public works, electricity grids, and transit.

Bajaj Holdings and Investment Ltd is an investment holding company that chooses equities from both the public and private equity markets. The company is essentially a holding and investment company focusing on earning income through dividends, interest, and gains on investments held. The company's sectoral allocations to equity investments include Consumer Discretionary, Consumer Staples, Financials, Industrials, Materials, Real estate, Technology, Energy, Healthcare, and Communication Services.

CoStar Group is a global provider of proprietary information, analytics, and online marketplaces serving both commercial and residential real estate. The firm operates through a diverse portfolio of brands, including CoStar Suite for commercial real estate research, LoopNet for commercial listings, Apartments.com for multifamily rentals, and Homes.com for residential brokerage. It primarily sells high-margin software-as-a-service subscriptions that provide institutional clients with forensic property data and premium advertising visibility. With operations across North America, Europe, and Asia-Pacific, CoStar maintains the industry’s most comprehensive centralized real estate database, functioning as a critical information utility for brokers, lenders, and owners worldwide.

Sofina SA is a long-term oriented, investment holding company that favors allocating capital to entrepreneurs. The company also provides its investees access to a support network. Sofina only takes minority ownership positions in its long-term holdings with capital from its own balance sheet. Its portfolio holdings constitute the majority of its net asset value and come mostly from Europe. A smaller percentage of its net asset value base comes from investments in venture capital and private equity funds, mostly in the United States and in Asia.

Ackermans & Van Haaren NV is an investment company with five core business segments: Marine Engineering and Contracting, Private Banking, Real Estate, Energy and resources, and AvH and Growth Capital. The company has a long-term, activist orientation focused on making investments in growth companies with international exposure. A plurality of its net profit mix is derived from its Marine Engineering & Contracting segment, followed closely by its Private Banking & Real Estate division.

AppFolio Inc provides cloud-based software solutions for the real estate industry. Its property management software offers property managers an end-to-end solution to their business needs. The group's products include cloud-based property management software (Appfolio Property Manager). Its solutions are AppFolio Property Manager Core, AppFolio Property Manager Plus, and AppFolio Property Manager Max. It also offers value-added services, such as screening, risk mitigation, and electronic payment services. Its markets are Single-Family, Multifamily, Student Housing, Affordable Housing, Community Associations, Commercial, and Investment Management. The business activity of the firm predominantly functions in the United States and it generates revenue in the form of subscription fees.

TPG is a global alternative asset manager headquartered in San Francisco and Fort Worth that invests across private equity, growth equity, impact, climate, real estate and credit strategies. It was founded in 1992 by David Bonderman, James Coulter and William Price as Texas Pacific Group and began with leveraged buyouts of distressed and turnaround situations. The firm now operates through distinct platforms including TPG Capital for large buyouts, TPG Growth for growth equity and smaller buyouts, TPG Rise for impact and climate investing, TPG Tech Adjacencies for minority technology investments, TPG Healthcare Partners, TPG Real Estate and TPG Asia, with offices across North America, Europe and Asia-Pacific. TPG acquired the credit and real estate manager Angelo Gordon, which now operates as TPG Angelo Gordon. Its investors are institutional limited partners and, increasingly, individual investors reached through wealth channels. TPG completed its initial public offering on Nasdaq in January 2022 and is listed as TPG Inc. Its investments span technology, healthcare, consumer, media, financial services, energy transition and infrastructure.

Compass Inc provides an end-to-end platform that empowers residential real estate agents to deliver exceptional service to seller and buyer clients. The platform includes an integrated suite of cloud-based software for customer relationship management, marketing, client service and other critical functionality, all custom-built for the real estate industry and enabling core brokerage services. Business operations are conducted in the United States and earn revenue domestically.

Nippon Life India Asset Management Ltd is an asset management company managing equity and fixed-income mutual funds. It engages in managing mutual funds including exchange-traded funds (ETFs); managed accounts, including portfolio management services, alternative investment funds, and pension funds; and offshore funds and advisory mandates. The group mainly focuses on equity funds, debt funds, gold funds, liquid funds, ETFs, retirement funds, and others.

Scout24 SE is a German digital company that operates a digital marketplace, ImmoScout24, for residential and business real estate. In addition, it offers software solutions for real estate valuations to banks and the real estate sector. Through ImmoScout24, the company is engaged in developing new products and building a digital ecosystem for rentals, purchases, and commercial real estate in Germany and Austria. It has different brands offering digital services in the real estate industry, such as FlowFact, Vermietet.de, Immoverkauf24, Propstack, BauFi, and others. Its operating segments are Professional, which generates maximum revenue by offering digital real estate products to its professional clients, and Private. Geographically, the group derives its key revenue from Germany.

Zillow Group Inc is a real estate technology company offering a digital platform that connects real estate customers with sellers, agents, loan officers, and other real estate-related professionals. With its tools and resources, Zillow helps real estate professionals grow their businesses, and for renters and housing providers, it offers a marketplace along with a set of end-to-end products and services to streamline applications, leases, payments, and more. The group operates various brands such as Zillow, Zillow Home Loans, Zillow Rentals, Zillow New Construction, Trulia, StreetEasy, Out East, HotPads, Follow Up Boss, ShowingTime, dotloop, and Zillow Closing. Its ecosystem spans the entire home journey from shopping to renting, buying, selling, and financing real estate.

Frontdoor Inc is a United States-based company that provides home service plans. It owns multiple home service brands including American Home Shield, HSA, OneGuard, and Landmark brands. Through its home service plans, the company helps its customers maintain their homes and protect against costly and unexpected breakdowns of essential home systems and appliances.

Compagnie du Cambodge is a holding company that manages portfolio of investments.

Onex is an alternative asset manager that invests capital on behalf of its shareholders and institutional clients. Established in 1984, the firm developed private equity and credit investment platforms that combine third-party funds with its own investing capital. Its private equity activities include the Onex Partners and ONCAP platforms, while its credit business provides investment strategies and lending solutions across credit markets. Investors include public and private pension plans, sovereign wealth funds, insurance companies and family offices seeking access to managed investment opportunities. The firm earns investment management income from its asset management activities and investment returns on the capital it deploys alongside clients. Onex supports its investment operations with industry knowledge, operating capabilities and origination resources used to identify businesses and financing opportunities.

Rightmove PLC provides online property search platforms. The company's customers include agents, buyers, renters, and new home developers. The company provides users with tools such as the house price index, which tracks house prices and analyzes price trends in the U.K. house market, and a mortgage calculator. The company's segments include agencies, new homes, and others. The agency segments of the company provide resale and lettings property advertising services. The new homes segment provides property advertising services to new home developers. Its other segment includes overseas, commercial property, and non-property advertising services. The company generates maximum revenue from the agency segment.

Reinet Investments SCA is a Luxembourg-based closed-end, specialized investment fund (SIF). Its primary investment objective is to achieve long-term capital growth. The company focuses on investing in a wide range of asset classes, including listed and unlisted equities, bonds, real estate, and derivative instruments. The company's principal source of earnings is the returns in the form of income and capital gains from the investments made through Reinet Fund and its subsidiaries.

3i Infrastructure is a Jersey-incorporated, London-listed infrastructure investment company launched in 2007. It takes influential or controlling positions in European economic infrastructure businesses across energy transition, utilities, digital communications, transport, logistics, and social and environmental infrastructure. The company and its investment manager work closely with boards and management teams on strategy, capital allocation, governance, operations, sustainability, and growth. Its core-plus approach focuses on resilient essential-service platforms and recycles capital from realisations into new opportunities. At 31 March 2026, its portfolio comprised ten assets valued at GBP 4.3 billion.

Samsung Securities Co Ltd provides customised asset management services to individual investors, as well as brokerage services to institutional investors. The company operates through three major segments: wealth management, which offers tailored wealth management and retirement planning services; sales and trading, which provides financial products such as equities, equity-linked products, fixed-income, currencies, and commodities; and the investment banking segment, which offers corporate financing services that include stock offerings or initial public offerings, issuance of multiple types of bonds, and investment banking services. The company’s revenue stems from brokerage commissions, fund sales, and underwriting and advisory commissions.

Bridgepoint Group is a British private markets investment firm headquartered in London and listed on the London Stock Exchange, managing private equity, infrastructure and private credit funds. It has $97.3 billion of assets under management, 243 investment professionals and 17 offices across Europe, North America and Asia, and its portfolio companies employ more than 430,000 people. Its private equity funds invest in middle-market companies, Bridgepoint Credit runs syndicated debt and direct lending strategies, and Energy Capital Partners (ECP), which it agreed to buy in September 2023, makes value-add infrastructure investments in electricity and sustainability assets. The firm began in 1984 as NatWest Equity Partners, the private equity arm of NatWest, was renamed Bridgepoint Capital after a management buyout in May 2000 and closed its first independent fund at €2 billion in 2001. Dyal Capital bought a minority stake in 2018 and the group listed in London in July 2021. In January 2026 it acquired restructuring firm Interpath from H.I.G. Capital at an £800 million valuation, and in April 2026 its Bridgepoint Europe VIII fund secured more than €6 billion at first close against a €7.5 billion target.

BOC International China Co Ltd is engaged in Investment banking business, securities brokerage business, asset management business, securities proprietary business, private equity investment business, futures business, and other businesses. It generates the majority of its revenue from the Securities brokerage business.

Rosebank Industries PLC is engaged in acquiring and managing high-quality manufacturing businesses with a focus on improving performance and creating value through operational excellence. The group operates through two main segments: Electrification & Industrial, which supports industrial automation, electrified mobility, and energy transition technologies with products such as wire harnesses and control assemblies; and Appliance & HVAC, which supplies electrical distribution systems and smart control components for home and commercial appliances, including HVAC solutions. It generates the majority of its revenue from the Appliance & HVAC segment.

Legend Holdings Ltd is a diversified industrial and investment group in China. It operates businesses through two segments: diversified industries operation, and industrial incubations and investments. The Industrial operations segment includes Lenovo, which is engaged in providing intelligent devices and infrastructure, and creates intelligent solutions, services and software; Levima Group, which is engaged in the research and development, production and sales of material products; Joyvio Group, which operates mainly to engaged in modern agriculture and food related business; and BIL, which mainly offers integrated banking services, including corporate and institutional banking, retail banking, private banking, capital markets, etc. It derives the majority of its revenue from Lenovo.

PhysicsWallah Ltd is engaged in the business of education by providing online and offline coaching and study material for test preparation of various competitive exams such as NEET, JEE, MBA. UPSC, GATE, CA, etc. Its channels of delivery include: (i) online, which includes social media channels, website and apps; (ii) tech-enabled offline centers (where the faculty conducts live classes in a physical center); or (iii) hybrid centers. The company operates in one reportable business segment i.e. engaged in the business of education by providing online and offline coaching and study materials. The majority of the company's revenue is derived from the provision of education services through its offline centers located in various Indian cities.

StepStone Group is a global private markets investment firm headquartered in New York City, with its roots in La Jolla, California, and its shares listed on Nasdaq under the symbol STEP. It provides customised investment solutions and advisory and data services to institutional and private wealth clients. The firm invests in private equity, venture capital and growth equity, infrastructure and real assets, real estate and private debt. It does so through primary fund commitments, secondary purchases, co-investments and direct investments. StepStone Capital, StepStone Real Estate and StepStone Private Wealth are its principal business arms. It also publishes benchmarking data on private market performance. The firm grew partly by acquisition, including Swiss Capital Alternative Investments, Courtland Partners and Greenspring Associates, and operates offices across North America, Europe, Asia and Latin America.

Wendel is a publicly listed French investment group headquartered in Paris, with roots in the Lorraine iron and steel business established in 1704. The current corporate entity was incorporated in 1871. Following the nationalization of its steel operations in the late1970s, the group developed a long-term investment business focused on owning and supporting companies. It invests its own capital through principal investments and manages private assets for external investors through its asset-management activities. Its economic returns come from portfolio-company value creation, investment distributions and disposals, together with management-related income from client assets. Wendel describes its approach as committed ownership, working with companies over extended investment periods. Its historical investments included Legrand alongside KKR, and its international investment presence developed from bases in Paris and Luxembourg.

Eurazeo is a Paris-headquartered listed private markets investment group. It was formed in 2001 from the merger of Eurafrance and Azeo, two holding companies of the Lazard group, and adopted the Eurazeo name in 2002. The group invests across private equity, private debt and real assets through arms covering buyout, growth, healthcare, venture, brands, secondaries, real estate and infrastructure. It absorbed Idinvest Partners, a venture and growth manager, in 2018 and 2021, which now operates as Eurazeo Growth, and it acquired the healthcare venture firm Kurma Partners in 2021. Eurazeo PME, formed from OFI Private Equity Capital in 2010, handled small and mid-sized buyouts. The group invests mainly in Europe, with the United States and Asia as secondary markets, and earns management and performance fees on third-party funds alongside returns on its own balance sheet.