Multiples Private Equity Index

Curated by Multiples, this index tracks publicly listed private equity and venture capital firms.

Explore the Multiples Private Equity Index

100

public companies
tracked

$1.3T

cumulative
enterprise value

5.8x

median EV/NTM revenue multiple

10%

median NTM/LTM revenue growth

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Index Performance

This chart shows the weighted market cap evolution over time for the Multiples Private Equity Index constituents, indexed to 0% at the beginning of the period.

+0.0%

Multiples Private Equity Index

Data as of 01 April 2026. Underlying financial data from FactSet and Morningstar. S&P 500 and NASDAQ data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples Private Equity Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples Private Equity Index.

x-axis:

y-axis:

Data as of April 1, 2026. Companies with EV multiples above 50x and y-axis values above 250% are considered non-meaningful and excluded from calculation.

Company Rankings

This chart shows company rankings by selected metric within the Multiples Private Equity Index.

Metric:

Data as of April 1, 2026. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.

Companies Side-by-Side

Compare key metrics between companies in the Multiples Private Equity Index.

Metric	BlackRock	SoftBank Group	Investor AB
Market Cap	$166B	$144B	$118B
EV/Revenue (NTM)	5.8x	4.9x	18.1x
EV/Gross Profit (NTM)	—	9.2x	—
EV/EBITDA (NTM)	13.2x	13.3x	12.3x
EV/FCF (NTM)	19.9x	-21.3x	182.8x
Revenue Growth	16%	7%	0%
Gross Margin (NTM)	—	54%	—
EBITDA Margin (NTM)	44%	37%	147%
FCF Margin (NTM)	29%	-23%	10%
Rule of 40	61%	55%	96%
Rule of X	87%	66%	-7%

Data as of April 1, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples Private Equity Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples Private Equity Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weights, which are derived using company market capitalization.

Company weights are evaluated based on two rules:

Rule 1

No company's weight may exceed 24%.

Rule 2

The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.

If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.

Rule 1 adjustment

If no company's initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company's weight may exceed 20% of the Index.

Rule 2 adjustment

If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:

The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.

If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.

Companies Included in the Multiples Private Equity Index

This index tracks publicly listed PE and VC firms globally.


BlackRock		7.9%	$1,068	+17%	$166B	5.8x	16%	—	44%	29%	61%	$973K
SoftBank Group		6.9%	$25	+125%	$144B	4.9x	7%	54%	37%	-23%	55%	$525K
Investor AB		5.6%	$38	+24%	$118B	18.1x	0%	—	147%	10%	96%	$1M
Brookfield		4.7%	$44	+23%	$99B	36.3x	12%	—	74%	—	-13%	$297K
Blackstone		4.3%	$115	-12%	$90B	6.3x	20%	70%	61%	50%	86%	$3M
KKR		3.9%	$91	-21%	$81B	0.3x	34%	—	64%	62%	20%	$4M
Brookfield Asset Management		3.6%	$46	-14%	$75B	12.0x	13%	58%	57%	—	90%	$2M
Apollo Global Management		3.0%	$106	-22%	$62B	(7.1x)	-19%	90%	33%	—	5%	$5M
3i Group		7.7%	$43	-25%	$43B	6.1x	-15%	—	109%	1%	98%	$31M
EQT		6.1%	$29	-3%	$34B	8.2x	13%	100%	65%	62%	77%	$2M
Ares Management		4.5%	$113	-26%	$25B	6.2x	8%	—	41%	1%	45%	$1M
T. Rowe Price		3.7%	$95	+7%	$21B	2.3x	4%	—	41%	—	46%	$941K
Carlyle Group		3.3%	$53	+36%	$19B	6.5x	18%	68%	41%	—	84%	$2M
Amundi		3.3%	$92	+14%	$19B	4.3x	1%	—	49%	41%	49%	$1M
EXOR		3.0%	$83	-13%	$17B	—	—	—	—	—	—	($179M)
CVC Capital Partners		2.6%	$14	-24%	$15B	7.2x	10%	—	61%	46%	61%	$2M
Ares Capital		2.4%	$19	-8%	$14B	9.3x	4%	—	113%	—	231%	—
Bajaj Holdings & Investment Limited		2.3%	$118	-9%	$13B	—	—	—	—	—	—	$38M
Ackermans & Van Haaren		1.9%	$325	+31%	$11B	2.5x	2%	—	19%	11%	24%	$289K
Sofina		1.8%	$280	0%	$10B	—	—	—	—	—	—	$4M
TPG		1.3%	$46	-2%	$7B	3.2x	26%	52%	51%	43%	35%	$2M
Compagnie du Cambodge		1.3%	$116	+7%	$7B	—	—	—	—	—	—	$24K
2PointZero		1.1%	$1	-7%	$6B	—	—	—	—	—	—	$442K
BOC International China		1.0%	$2	+41%	$6B	15.4x	8%	—	—	—	—	$142K
Onex		0.9%	$75	+5%	$5B	—	—	—	—	—	—	$3M
3i Infrastructure		0.8%	$5	+7%	$4B	—	—	—	—	—	—	$74M
Wendel		0.8%	$100	+0%	$4B	0.9x	5%	—	17%	10%	24%	$97K
Tikehau Capital		0.6%	$21	-4%	$4B	5.8x	37%	—	61%	26%	106%	$939K
StepStone Group		0.6%	$44	-11%	$4B	2.5x	17%	—	47%	1%	60%	$1M
Eurazeo		0.6%	$55	-26%	$4B	6.8x	168%	—	51%	112%	403%	$39K
Brookfield Business Corp		0.5%	$34	+30%	$3B	—	—	—	—	—	—	$1M
Bridgepoint Group		0.5%	$3	-9%	$3B	3.6x	10%	—	55%	41%	89%	$2M
Harbourvest Global Private Equity		0.5%	$40	—	$3B	—	—	—	—	—	—	$182K
Ninety One		0.5%	$3	—	$3B	(13.8x)	15%	—	35%	27%	44%	$750K
HgCapital		0.4%	$5	-21%	$2B	—	—	—	—	—	—	—
Rocket Internet		0.4%	—	—	$2B	—	—	—	—	—	—	$396K
Antin Infrastructure Partners		0.4%	$11	-7%	$2B	4.2x	12%	—	53%	39%	61%	$1M
GIMV		0.3%	$53	+16%	$2B	—	—	—	—	—	—	$4M
Kinnevik		0.3%	$6	-22%	$2B	—	—	—	—	—	—	—
Bure Equity		0.3%	$22	-37%	$2B	—	—	—	—	—	—	$3M
Georgia Capital		0.3%	$48	+124%	$2B	—	—	—	—	—	—	—
Ratos		0.2%	$4	+7%	$1B	1.0x	-11%	56%	16%	14%	18%	$191K
ALTAMIR		0.2%	$33	+24%	$1B	22.7x	0%	—	74%	34%	74%	—
Patria Private Equity		0.2%	$8	—	$1B	—	—	—	—	—	—	—
Oakley Capital		0.2%	$6	+4%	$1B	—	—	—	—	—	—	$381K
Molten Ventures		0.2%	$6	+68%	$1B	7.2x	5%	—	66%	88%	92%	$2M
InvestCo Holding		0.2%	$5	+9%	$1B	—	—	—	—	—	—	$10M
Waha Capital		0.2%	$0	+19%	$894M	—	-100%	—	—	—	—	$1M
Amanat		0.2%	$0	+19%	$865M	2.0x	—	41%	22%	—	43%	—
NB Private Equity Partners		0.1%	$19	-2%	$795M	—	—	—	—	—	—	—
Syncona		0.1%	$1	+5%	$769M	—	—	—	—	—	—	$2M
Clairvest Group		0.1%	$51	-2%	$692M	—	—	—	—	—	—	$3M
RTW Biotech Opportunities		0.1%	$2	+75%	$672M	—	—	—	—	—	—	—
Lion Capital		0.1%	$1	+98%	$610M	—	—	—	—	—	—	$2M
Senvest Capital		0.1%	$247	+6%	$599M	—	—	—	—	—	—	$21M
Next Generation Technology Group		0.1%	$67	+133%	$596M	—	—	—	—	—	—	—
Spiltan Invest		0.1%	$19	-14%	$569M	—	—	—	—	—	—	—
Deutsche Beteiligungs		0.1%	$29	-1%	$511M	6.8x	18%	—	48%	15%	31%	$1M
Aurelius Equity Opportunities		0.1%	$630	+19%	$440M	—	—	—	—	—	—	$9M
Acacia Research		0.1%	$4	+36%	$406M	0.8x	-26%	14%	5%	—	-27%	$274K
MCI Capital		0.1%	$7	+13%	$389M	—	—	—	—	—	—	$776K
Deutsche Balaton		0.1%	$3,644	+91%	$381M	—	—	—	—	—	—	$166K
International Biotechnology Trust		0.1%	$12	+45%	$380M	—	—	—	—	—	—	—
Kinea Securities FII		0.1%	$2	+5%	$353M	—	—	—	—	—	—	—
Fundo Riza Terrax		0.1%	$19	+7%	$352M	—	—	—	—	—	—	—
Pembroke VCT		0.1%	$1	-2%	$340M	—	—	—	—	—	—	—
Fifth Era Acquisition		0.1%	$10	+3%	$321M	—	—	—	—	—	—	—
Omni Bridgeway		0.1%	$1	+9%	$321M	—	—	—	—	—	—	$352K
Kinea Unique Hy Cdi FII		0.1%	$20	+3%	$312M	—	—	—	—	—	—	—
Mauá Capital Recebíveis Imobiliários		0.1%	$18	+12%	$309M	—	—	—	—	—	—	—
Literacy Capital		0.1%	$5	-3%	$303M	—	—	—	—	—	—	—
Pengana Private Equity		0.0%	$1	+34%	$276M	—	—	—	—	—	—	—
VNV Global		0.0%	$2	+6%	$249M	497.3x	0%	—	-1142%	—	-1245%	$84K
Augmentum Fintech		0.0%	$1	+33%	$240M	—	—	—	—	—	—	($1M)
SuRo Capital		0.0%	$10	+106%	$239M	139.3x	23%	—	—	—	—	$6M
VEF		0.0%	$0	-1%	$234M	—	—	—	—	—	—	($66K)
Spectral Capital		0.0%	$3	-25%	$204M	—	—	—	—	—	—	—
Brockhaus Technologies		0.0%	$18	+12%	$192M	—	—	—	—	—	—	$378K
Xlife Sciences		0.0%	$28	-4%	$159M	—	—	—	—	—	—	$61K
Kinea Oportunidades Real Estate FII		0.0%	$15	-10%	$143M	—	—	—	—	—	—	—
Rbr Log FII		0.0%	$18	+16%	$118M	—	—	—	—	—	—	—
Arbona		0.0%	$0	-9%	$113M	—	—	—	—	—	—	$2M
Quest for Growth		0.0%	$5	+13%	$95M	—	—	—	—	—	—	—
Scherzer		0.0%	$3	+29%	$85M	—	—	—	—	—	—	$5M
Software Circle		0.0%	$0	-49%	$73M	—	—	—	—	—	—	$153K
TMT Investments		0.0%	$2	-12%	$70M	—	—	—	—	—	—	$3M
GBK Beteiligungen		0.0%	$6	+8%	$41M	—	—	—	—	—	—	$2M
Live Ventures		0.0%	$13	+12%	$39M	—	—	—	—	—	—	$255K
Malin Corporation		0.0%	$9	-11%	$38M	—	—	—	—	—	—	—
Elbstein		0.0%	—	—	$36M	—	—	—	—	—	—	—
G2D Investments		0.0%	$0	—	$34M	—	—	—	—	—	—	—
Audacia		0.0%	$4	+30%	$32M	1.4x	11%	—	17%	8%	19%	—
Zest		0.0%	$0	-20%	$31M	—	—	—	—	—	—	$118K
Bulgarian Private Equity		0.0%	$1	-40%	$29M	—	—	—	—	—	—	$130K
Azevedo & Travassos Energia		0.0%	$0	—	$19M	—	—	—	—	—	—	—
Renewable Ventures Nordic	—	0.0%	$0	—	$18M	—	—	—	—	—	—	—
Mountain Alliance		0.0%	$3	-11%	$17M	—	—	—	—	—	—	$2K
Private Assets SE	—	0.0%	$3	—	$13M	—	—	—	—	—	—	—
MKB Nedsense		0.0%	$0	—	$11M	—	—	—	—	—	—	—
Unfold.vc		0.0%	$0	+3%	$11M	—	—	—	—	—	—	—