US PE Buyouts Reach 2021‑Era Multiples, Leaning on Equity
Data from StepStone’s SPI database shows the median EV/EBITDA for U.S. buyouts hit 12.5× in 2024, tying the 2021 record despite higher interest rates. Large‑cap deals ($1B+ EV) were priced at 16×, with sponsors funding the gap largely with equity—equity/EBITDA rose to 7.8×, the highest since 2015. The trend hints at fierce competition and a shift away from debt‑heavy financing.