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

$1.5T

cumulative
enterprise value

5.7x

median EV/NTM revenue multiple

11%

median NTM/LTM revenue growth

Jump to Section

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.

+81.7%

Multiples Private Equity Index

Data as of 18 May 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 May 18, 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 May 18, 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	SoftBank Group	BlackRock	Blackstone
Market Cap	$206B	$168B	$144B
EV/Revenue (NTM)	6.0x	5.8x	9.8x
EV/Gross Profit (NTM)	11.2x	—	13.8x
EV/EBITDA (NTM)	15.4x	12.9x	16.3x
EV/FCF (NTM)	-29.3x	18.7x	19.7x
Revenue Growth	6%	14%	18%
Gross Margin (NTM)	54%	—	71%
EBITDA Margin (NTM)	39%	45%	60%
FCF Margin (NTM)	-21%	31%	50%
Rule of 40	62%	61%	77%
Rule of X	72%	84%	105%

Data as of May 18, 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.


SoftBank Group	8.4%	$36	+202%	$206B	6.0x	6%	54%	39%	-21%	62%	$484K
BlackRock	6.9%	$1,082	+10%	$168B	5.8x	14%	—	45%	31%	61%	$973K
Blackstone	5.9%	$118	-15%	$144B	9.8x	18%	71%	60%	50%	77%	$3M
Investor AB	4.8%	$38	+27%	$118B	18.2x	1%	—	148%	—	106%	$1M
Brookfield	4.2%	$46	+20%	$102B	43.3x	2%	—	96%	—	8%	$297K
KKR	3.6%	$97	-20%	$87B	1.0x	35%	83%	57%	52%	16%	$4M
Apollo Global Management	3.2%	$135	+4%	$78B	(6.6x)	-15%	90%	32%	—	4%	$5M
Brookfield Asset Management	3.1%	$48	-14%	$77B	12.2x	14%	57%	53%	—	86%	$2M
EQT	6.3%	$32	+7%	$38B	8.9x	16%	100%	64%	63%	71%	$2M
3i Group	5.0%	$29	-46%	$30B	4.1x	4%	—	91%	13%	94%	$31M
Ares Management	4.7%	$123	-25%	$28B	6.9x	18%	—	42%	2%	42%	$1M
T. Rowe Price	3.7%	$102	+9%	$22B	2.5x	2%	—	39%	—	41%	$941K
Amundi	3.4%	$99	+19%	$20B	4.3x	2%	47%	50%	40%	4%	$1M
2PointZero	3.2%	$1	-13%	$19B	—	—	—	—	—	—	$442K
Carlyle Group	2.9%	$48	+6%	$17B	7.2x	13%	66%	42%	—	64%	$2M
CVC Capital Partners	2.7%	$15	-20%	$16B	7.6x	11%	—	61%	46%	61%	$2M
EXOR	2.6%	$76	-22%	$15B	—	—	—	—	—	—	($181M)
Ares Capital	2.3%	$19	-14%	$14B	9.4x	2%	—	117%	—	224%	—
Bajaj Holdings & Investment Limited	2.0%	$107	-26%	$12B	—	—	—	—	—	—	$56M
Ackermans & Van Haaren	1.8%	$327	+27%	$11B	2.8x	2%	—	19%	13%	24%	$289K
Sofina	1.5%	$253	-13%	$9B	—	—	—	—	—	—	$4M
Compagnie du Cambodge	1.3%	$123	+9%	$7B	—	—	—	—	—	—	$105K
Brookfield Business Corp	1.1%	$33	+16%	$7B	—	—	—	—	—	—	$1M
TPG	1.1%	$42	-13%	$7B	3.3x	25%	52%	51%	44%	37%	$2M
Onex	1.0%	$79	+6%	$6B	—	—	—	—	—	—	$3M
BOC International China	0.8%	$2	+22%	$5B	—	—	—	—	—	—	$170K
3i Infrastructure	0.7%	$5	+8%	$4B	—	—	—	—	—	—	$67M
StepStone Group	0.7%	$54	-7%	$4B	3.0x	16%	—	51%	1%	63%	$1M
Wendel	0.7%	$102	+3%	$4B	0.8x	5%	—	17%	10%	23%	$97K
Tikehau Capital	0.6%	$21	-5%	$4B	5.7x	28%	—	61%	23%	107%	$952K
Eurazeo	0.6%	$55	-22%	$4B	6.2x	126%	—	56%	108%	80%	$43K
COFCO Capital Holdings	0.5%	$1	—	$3B	—	—	—	—	—	—	—
Harbourvest Global Private Equity	0.5%	$44	—	$3B	—	—	—	—	—	—	$182K
Bridgepoint Group	0.5%	$3	-10%	$3B	3.6x	12%	—	55%	41%	91%	$2M
Ninety One	0.4%	$3	—	$3B	(15.3x)	11%	—	34%	27%	41%	$759K
InvestCo Holding	0.4%	$13	+157%	$2B	—	—	—	—	—	—	$168K
Fairfax India Holdings	0.4%	$17	—	$2B	—	—	—	—	—	—	$54M
Bure Equity	0.4%	$29	-5%	$2B	—	—	—	—	—	—	$3M
HgCapital	0.4%	$5	-30%	$2B	—	—	—	—	—	—	—
Rocket Internet	0.4%	—	—	$2B	—	—	—	—	—	—	$401K
Antin Infrastructure Partners	0.3%	$12	-10%	$2B	4.5x	11%	—	53%	39%	59%	$1M
GIMV	0.3%	$57	+10%	$2B	—	—	—	—	—	—	$4M
Georgia Capital	0.3%	$54	+115%	$2B	—	—	—	—	—	—	—
Kinnevik	0.3%	$5	-38%	$2B	—	—	—	—	—	—	—
Molten Ventures	0.2%	$8	+96%	$1B	6.8x	-17%	—	71%	8%	82%	$2M
Patria Private Equity	0.2%	$8	—	$1B	—	—	—	—	—	—	—
Ratos	0.2%	$3	-18%	$1B	0.9x	-3%	56%	16%	13%	17%	$175K
Oakley Capital	0.2%	$6	-2%	$1B	—	—	—	—	—	—	$386K
ALTAMIR	0.2%	$27	-16%	$1B	20.2x	1%	—	74%	31%	-89%	—
Waha Capital	0.2%	$1	+23%	$970M	—	-100%	—	—	—	—	$1M
Amanat	0.1%	$0	+22%	$865M	—	—	—	—	—	—	—
Clairvest Group	0.1%	$55	+8%	$766M	—	—	—	—	—	—	$3M
Syncona	0.1%	$1	+16%	$756M	—	—	—	—	—	—	$2M
Next Generation Technology Group	0.1%	$84	+186%	$740M	—	—	—	—	—	—	—
Integral	0.1%	$21	—	$725M	—	—	—	—	—	—	$1M
NB Private Equity Partners	0.1%	$18	-3%	$717M	—	—	—	—	—	—	—
RTW Biotech Opportunities	0.1%	$2	+92%	$712M	—	—	—	—	—	—	—
CBRE Clarion Glb Real Est	0.1%	$5	—	$696M	—	—	—	—	—	—	—
Senvest Capital	0.1%	$276	+16%	$669M	—	—	—	—	—	—	$12M
Pollen Street Group	0.1%	$11	—	$660M	4.7x	9%	—	48%	43%	66%	$2M
Beltone Holding	0.1%	$0	—	$658M	—	—	—	—	—	—	—
Foresight Gr Hldgs	0.1%	$5	—	$607M	2.3x	12%	—	42%	33%	53%	$486K
Spiltan Invest	0.1%	$19	-15%	$562M	—	—	—	—	—	—	—
Deutsche Beteiligungs	0.1%	$29	+0%	$521M	5.9x	16%	—	46%	23%	37%	$1M
Lion Capital	0.1%	$1	+73%	$516M	—	—	—	—	—	—	$2M
Acacia Research	0.1%	$5	+23%	$442M	1.0x	-23%	16%	4%	—	-28%	$274K
International Biotechnology Trust	0.1%	$13	+78%	$424M	—	—	—	—	—	—	—
Qalaa Holdings	0.1%	$0	—	$418M	—	—	—	—	—	—	$166K
MCI Capital	0.1%	$8	+14%	$398M	—	—	—	—	—	—	$796K
Kinea Securities FII	0.1%	$2	+5%	$366M	—	—	—	—	—	—	—
Omni Bridgeway	0.1%	$1	+16%	$359M	—	—	—	—	—	—	$368K
Pembroke VCT	0.1%	$1	-1%	$358M	—	—	—	—	—	—	—
Deutsche Balaton	0.1%	$3,324	+75%	$347M	—	—	—	—	—	—	$168K
SuRo Capital	0.1%	$13	+109%	$344M	129.7x	48%	—	—	—	—	$6M
Fundo Riza Terrax	0.1%	$18	0%	$337M	—	—	—	—	—	—	—
Pengana Private Equity	0.1%	$1	+54%	$334M	—	—	—	—	—	—	—
Fifth Era Acquisition	0.1%	$10	+3%	$324M	—	—	—	—	—	—	—
Mauá Capital Recebíveis Imobiliários	0.1%	$19	+16%	$322M	—	—	—	—	—	—	—
Kinea Unique Hy Cdi FII	0.1%	$21	+5%	$321M	—	—	—	—	—	—	—
Launch One Acquisition	0.1%	$11	—	$309M	—	—	—	—	—	—	—
Foresight VCT	0.1%	$1	—	$306M	—	—	—	—	—	—	—
Augmentum Fintech	0.0%	$2	+14%	$251M	—	—	—	—	—	—	—
Literacy Capital	0.0%	$4	-29%	$244M	—	—	—	—	—	—	—
VNV Global	0.0%	$2	+5%	$237M	—	—	—	—	—	—	$84K
Brockhaus Technologies	0.0%	$21	+29%	$222M	—	—	—	—	—	—	$383K
Auroora Group	0.0%	$7	—	$217M	—	—	—	—	—	—	$321K
STIC Investments	0.0%	$6	—	$216M	—	—	—	—	—	—	—
VEF	0.0%	$0	-3%	$202M	—	—	—	—	—	—	($66K)
Binhai Investment Co	0.0%	$0	—	$194M	—	—	—	—	—	—	$473K
Spectral Capital	0.0%	$2	-35%	$174M	—	—	—	—	—	—	—
DAOL Investment	0.0%	$3	—	$159M	—	—	—	—	—	—	—
GalaxyEdge Acquisition	0.0%	$10	—	$157M	—	—	—	—	—	—	—
Xlife Sciences	0.0%	$27	+8%	$157M	—	—	—	—	—	—	$21K
Creal	0.0%	$4	—	$156M	—	—	—	—	—	—	—
Triple Point Venture VCT	0.0%	$1	—	$153M	—	—	—	—	—	—	—
Kinea Oportunidades Real Estate FII	0.0%	$14	-20%	$133M	—	—	—	—	—	—	—
SV Investment	0.0%	$2	—	$128M	—	—	—	—	—	—	—
Arbona	0.0%	$0	-8%	$116M	—	—	—	—	—	—	$3M
Rbr Log FII	0.0%	$17	+8%	$111M	—	—	—	—	—	—	—
Maven I&G VCT	0.0%	$0	—	$95M	—	—	—	—	—	—	—