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But even this ubiquitously used valuation multiple has a few limitations. Although P/E is the most popular valuation metric, a more complicated multiple called EV-to-EBITDA works even better.

In a November 2024 article, Cliffwater showed the EBITDA multiples for private and public equity for the 27-year period from 1997 through the third quarter of 2024.

Firms with between $100 million and $250 million in AUM sold at 8.3 times EBITDA in 2023 and 9.6 times in 2024. In the first quarter of 2025, the multiple dropped to 9.1 times, the report said.