30 Dec 2017
- High levels of competition have propped up acquisition multiples, which remain above 10x EV-to-EBITDA
- Strong private equity fundraising drives dry powder higher.
- Much of the recent fundraising activity has been fueled by strong distributions, which have been recycled into new funds. However, as exit activity has remained tepid, we expect this to result in waning net cashflows to limited partners (LPs).