Using Cobalt LP’s updated deal level benchmarks for Q1, we are able to run an analysis on median acquisition multiples across different private market sectors compared to each other. Therefore, we are able to understand historical performance in the private markets and see how different market factors may impact performance. Scroll to see our key takeaways when comparing Healthcare, Technology, Consumer Discretionary and Energy sectors.

• Coming out of the Global Financial Crisis, acquisition multiples of Healthcare, Technology and Consumer Discretionary sectors increased at least 4x over the last decade.
• Energy acquisition multiples show greater fluctuation due to sector-specific downturns and higher commodity price volatility.
• Consumer Discretionary multiples saw the largest rise in median acquisition multiples over the past decade with an increase from 5.1x to 10.8x, which was caused in part by strong overall economic growth in the past decade.