Deal activity surges, multiples tick up
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At the halfway point, US PE dealmaking is on pace to break records. PitchBook’s latest US Breakdown Report is now released, which shows rocketing numbers through two quarters. Juxtaposed against those deal numbers, though, is a slight uptick in buyout multiples, which went up for the first time since Q1 2020. The Q2 2021 median now stands at 13.0x (on a four-quarter rolling basis), up from 12.4x in the first quarter.