Keystone Infra Valuation Multiples

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.

BlackRock is an American investment management company headquartered at 50 Hudson Yards in New York City and the largest asset manager in the world, with $15.3 trillion of assets under management as of 2026. It runs index and active funds, the iShares exchange-traded fund range, alternatives including infrastructure and private credit, and retirement assets for institutional and individual clients in 100 countries, and it licenses its Aladdin investment and risk management technology to more than 1,000 institutional clients. BlackRock was founded in 1988 by Larry Fink, Robert Kapito, Susan Wagner and colleagues as a fixed income and risk management manager, and Fink remains chairman and chief executive. It grew through acquisitions including Merrill Lynch Investment Managers in 2006 and Barclays Global Investors, owner of iShares, for $13.5 billion in 2009, followed by Global Infrastructure Partners for $12.5 billion, announced in January 2024, and private credit manager HPS Investment Partners for about $12 billion, agreed in December 2024. The company reported revenue of $24.22 billion and net income of $5.553 billion in 2025. Its shares trade on the New York Stock Exchange and it is a component of the S&P 500.

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.

Blackstone is the world's largest alternative-asset manager with $1.346 trillion in total assets under management, including $961.6 billion in fee-earning assets under management, at the end of June 2026. The company operates with scale in each of its major product lines: private equity (28% of fee-earning AUM and 35% of base management fees), real estate/real assets (29% and 32%), credit and insurance (33% and 25%), and other alternatives (10% and 8%). While the firm primarily serves institutional investors (84% of AUM), it also caters to clients in the high-net-worth channel (16%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).

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.

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 provides asset management services for individual and institutional investors. It offers a broad range of no-load US and international stock, hybrid, bond, and money market funds. At the end of September, the firm had $1.767 trillion in managed assets, composed of equity (50%), balanced (35%), fixed-income and money market (12%), and alternative (3%) offerings. Approximately two-thirds of managed assets are held in retirement-based accounts, which provides T. Rowe Price with a somewhat stickier client base than most of its peers. The firm also manages private accounts, provides retirement planning advice, and offers discount brokerage and trust services. The company is primarily a US-based asset manager, deriving less than 10% of its AUM from overseas.

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.

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

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.

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.

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.

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.

Carlyle Group is one of the world's largest alternative-asset managers, with $485.5 billion in total AUM, including $334.4 billion in fee-earning AUM, at the end of June 2026. The company has three core business segments: global private equity, which includes its private equity, real estate, infrastructure, and natural resources offerings (with $162.7 billion in total AUM and $96.6 billion in fee-earning AUM), global credit ($211.1 billion/$167.6 billion), and investment/fund solutions, known as Carlyle AlphInvest ($111.7 billion/$70.2 billion). The firm primarily serves institutional investors and high-net-worth individuals. Carlyle operates through 29 offices across five continents, serving more than 3,100 active carry fund investors from 87 countries.

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.

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.

TPG is an American alternative asset manager, listed on Nasdaq and run from San Francisco and Fort Worth, Texas, that invests across private equity, growth equity, impact, credit, real estate and market solutions. It had $327 billion of assets under management at 30 June 2026. Its platforms include TPG Capital, TPG Growth, its growth-equity and smaller-buyout arm, the TPG Rise impact strategy launched in 2016 with Bono and Jeff Skoll, whose climate fund closed at $7.3 billion in 2022, and TPG Angelo Gordon, the credit and real estate manager it agreed to buy in 2023 in a cash-and-stock deal valued at $2.7 billion. The firm earns fees and performance income from the funds it manages for institutional and private-wealth investors and pays a quarterly dividend to its shareholders. TPG was founded in 1992 as Texas Pacific Group by David Bonderman, James Coulter and William S. Price III, whose early deals included the 1993 buyout of Continental Airlines. It went public on Nasdaq in January 2022 at a valuation of about $9 billion, and Jon Winkelried is chief executive.

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

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.

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.

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.

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.

Reinet Investments is a Luxembourg-based investment holding company, structured as a partnership limited by shares and managed with the Rupert family as general partners, that seeks long-term capital growth. It invests through Reinet Fund, a Luxembourg specialised investment fund holding listed and unlisted equities, private equity and credit fund interests and other assets. South African businessman Johann Rupert serves as executive chairman, and Reinet is one of the family's main investment vehicles alongside Richemont and Remgro. Its largest and longest-running investment was Pension Insurance Corporation, where it first committed GBP 400 million in 2012 and eventually invested about GBP 1.1 billion for a 49.5 percent stake. Reinet sold that stake to Athora for about GBP 2.9 billion, completing the sale in March 2026 and lifting its cash to about USD 5.6 billion, more than 80 percent of its net asset value. The company earns its returns from investment income and capital gains rather than from operating businesses.

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.

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.

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.

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.

StepStone Group Inc. is a global private markets investment firm headquartered at 277 Park Avenue in New York City and listed on Nasdaq under the ticker STEP. The firm was founded in 2007 and completed its initial public offering on September 18, 2020. It builds customized portfolios for pension funds, sovereign wealth funds, insurers, endowments, foundations, family offices and private wealth clients across private equity (including venture capital and growth equity), infrastructure, private debt and real estate, using primary fund commitments, secondaries and co-investments. As of March 31, 2026, it was responsible for approximately $885 billion of total capital, made up of $233 billion of assets under management and $652 billion of assets under advisement. It had over 1,310 employees, 117 partners and offices in 31 cities across 19 countries. StepStone also provides advisory and data services, supported by proprietary technology such as its SPI software, and it acquired Greenspring Associates in September 2021.

Eurazeo SE is an investment holding company operating as a conglomerate of four private equity segments. The company makes investments across a diverse array of industries and asset sizes, mostly in Europe. Eurazeo Capital, the company's greatest revenue contributor, makes investments in medium and large-sized companies above a certain asset threshold. Its other divisions consist of investments in small- and medium-sized companies, provide growth capital to smaller-sized enterprises, and make investments in real assets. The company is increasingly expanding into the Chinese, Brazilian, and American markets. Eurazeo measures performance by changes in net asset value.

Tikehau Capital is a Paris-headquartered alternative asset manager founded in 2004. It manages private debt, real assets, private equity and capital-markets strategies for institutional and private investors. The firm invests directly and through specialist vehicles, including its T2 Energy Transition strategy used for the Egis transaction. Revenue is generated from management fees, performance-related income and returns on the group’s own capital. Tikehau Capital is listed on Euronext Paris and operates through offices across Europe, North America and Asia. Its classification here reflects the activities and business model disclosed for the period surrounding the reported transaction. Tikehau Capital serves B2B customers through activities spanning PE & VC, Asset Management and Other Financial Services.

COFCO Capital Holdings Co Ltd is a provider of financial services. The company's services include trust, insurance, futures, banking and other financial services. It provides investment and asset management; corporate management; investment planning and consulting services.

Harbourvest Global Private Equity Ltd is a closed-ended investment company. Its investment objective is to generate superior shareholder returns through long-term capital appreciation by investing in a diversified portfolio of private equity investments as well as private market assets other than private equity where it identifies attractive opportunities. The company's revenue comprises of investment income including interest from cash and equivalents and dividends. The company has a presence in the North America, Europe, Asia, and Rest of World.

Ninety One PLC is engaged in the business of investment management. The company deals in four core asset classes - Equities, Fixed income, Multi-Asset and Alternative Strategies. It provides portfolio management, investment advisory, and other financial services.

InvestCo Holding is an investment company involved in making direct or indirect investments in different fields. It invests in renewable energy, mining, chemistry, iron-steel, technology, software, venture capital, food, and healthcare industries.

Fairfax India Holdings Corp is an investment holding company. The investment objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers, or business conducted in or dependent on India. The company operates through investing in India and Indian investments segment and it earns income through the source of interest and dividends.

HgCapital Trust PLC is an investment trust with the objective of long-term capital appreciation by investing in unquoted companies. It provides investors with a diversified portfolio of private equity investments. It offers investors a liquid investment vehicle to gain exposure to Hg’s diversified network of unquoted investments with minimal administrative burdens. Geographically, the majority is derived from the United Kingdom. It also has a presence in North America, Scandinavia, Germany & other Europe.

Bure Equity AB is a Sweden-based investment company. It is focused on long-term and active ownership, creating successful, profitable companies and a good long-term return for shareholders. Bure's portfolio is well diversified and comprises companies in different industries such as technology, medtech, industry, finance, consultancy, and others in their different phases of development. The company's investment portfolio includes both listed and unlisted companies.

GIMV NV is a Belgium-based company active in investing in companies having growth potential, with the objective of supporting growth into market leaders. The company invests with a focus on four platforms, which are also its segments: Consumer, Healthcare, Life Sciences, Smart Industries, Anchor, Infra, Business Services & General segment, and Sustainable Cities. Its geographical segments include Belgium, the Netherlands, Germany, France, and the Rest of Europe and Other countries.

Kinnevik AB is an operationally oriented investment group with an entrepreneurial focus on building digital brands. It concentrates its growth-style investment efforts on four sectors: TMT, e-commerce and marketplaces, Healthcare and financial services. Nearly all of its capital is committed to the communication e-commerce and marketplace sectors. The group, through its various subsidiaries, is geographically diversified and operationally present in over 80 countries. Kinnevik's bias is toward investing in emerging markets because of the opportunity afforded by these markets' reliance on legacy products and services. A key component of its is to create consumer choice of solutions in markets where supply may have been previously constrained.

China-Singapore Suzhou Industrial Park Development Group Co Ltd is engaged in development and construction for the Suzhou Industrial Park. The company through its subsidiaries, focuses on the construction, investment promotion and operation of the district's parks. It has implemented park development and operation projects in Anhui, Zhejiang, Ningxia and other places.