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Revenue multiples saw a much more aggressive run-up to the peak reached in 2021 and a much faster descent thereafter. In Q1 2024, we saw initial signs of distressed selling and capitulation. EV/revenue multiples lurched downward to 1.4x from a median TTM of 2.0x at the beginning of the quarter. We normally do not extrapolate three-month trends in multiples given the volatility of the data, and we were keen to see evidence of any follow-through in Q2. The snapback in Q2 multiples to a median of 1.9x indicates that the storm may have passed for now, and we suspect it reflects the breathing room gained from lower borrowing costs and the halo effect from strong public markets.
(Past performance is no guarantee of future results.)
Latest news
Top 50 BDCs Accounted for 75% of Nonaccrual Loan Cost in Q2’26
The 50 largest BDCs, on the basis of total debt investments as of the second quarter of 2026, accounted for 75% of the total aggregate reported value of nonaccrual debt at cost and fair value.
US private debt AUM ($B) by channel
In 2025 and the early part of 2026, the retail channel added AUM to the asset class at a much faster rate than institutional investors in both regions, with growth rates of 43.7% globally, 41.4% in the US, and 73. 1% in Europe through the beginning of 2026 compared with year-end 2024 figures.
