Which way for PE valuations?
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US PE buyout multiples went up in 2020, according to the 2020 Annual US PE Breakdown. At 14.1x, 2020 is actually the new high-water mark, increasing almost a turn and a half over 2019’s median of 12.7x. 14.1x certainly isn’t reflective of the entire market. Many of the companies that were bought out last year weren’t severely impacted by COVID-19, and some companies saw their bottom lines improve due to lockdowns.