Global Private Equity Report 2019

Bain & Company

Hugh MacArthur

Research

88 Pages

Bain & Company examines the evolving private equity landscape, focusing on how record dry powder, rising valuations, and longer hold periods are reshaping returns and competition. The paper suggests that despite $2.5T in unspent capital, deal multiples near 11x EBITDA could pressure future returns while operational value creation becomes more critical.

Key Takeaways

Record Dry Powder Levels: Global buyout dry powder reached $1.2T in 2018, contributing to entry multiples rising to ~10.9x EBITDA and intensifying competition for quality assets.
Longer Hold Periods: Average holding periods extended to 5.5 years, up from ~4.5 years a decade earlier, reflecting slower exits and more reliance on operational improvements.
Returns Under Pressure: Median net IRRs declined to ~11% from ~16% in prior cycles, signaling tighter margins and increased dependence on revenue growth versus multiple expansion.
VIEW FULL REPORT

Join our newsletter to have all of this content + Exclusive Newsletter Bonus Content delivered to your inbox every week

Related Content

Alternative Assets
In Wine Country, Sales Are Down and Fraud is Rampant
May 2026
Alternative Assets
The Future of Venture Capital: Unlocking Liquidity and Growth
May 2026
Alternative Assets
The State of US Private Equity H1 2026
May 2026

The information contained in this communication is of a general nature for informational purposes only, and does not constitute financial, investment, tax or legal advice. The information contained within this communication reflects the opinions of those referenced herein, and do not reflect the opinions of The Idea Farm, L.P. and its affiliates. Such opinions expressed herein are as of the date of production and are subject to change at any time without notice due to various factors, including changing market conditions or tax laws. Where data or information prepared by third parties is presented, no representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information by The Idea Farm, L.P. or any other person. While such sources are believed to be reliable, The Idea Farm, L.P. does not assume any responsibility for the accuracy or completeness of such information and does not undertake any obligation to update the information contained herein as of any future date. Any links to third party websites are offered only for use at your own discretion. The Idea Farm L.P., and its affiliates, are separate and unaffiliated from any third parties listed herein and are not responsible for their products, services, policies or the content of their website. All investments are subject to varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy or product referenced directly or indirectly in this communication will be profitable, perform equally to any corresponding indicated historical performance level(s), or be suitable for your portfolio. Past performance is not an indicator of future results.

Scroll to Top