Dry Powder for Buyouts

Dry powder remains steady at about $3.7 trillion globally across all private asset class strategies and $1.1 trillion of that is flagged for buyouts. Average purchase price multiples in the US remain quite high at almost 12 and half times EBITDA. European multiples by contrast have actually Eastmore and the latest data point we have which is also end of Q1 is about 10 times E BITDA.