Private Equity & Fund Administration Business — Business Valuation Multiple
EBITDA Valuation Guide · Small & Mid-Sized Businesses
Actual EBITDA multiples can vary materially based on EBITDA size, growth, recurring revenue, margins, customer concentration, owner dependence, geography and other company-specific factors.
Min
4×
Typical
6×
Max
8×
Revenue Model
Recurring
Capital Intensity
Low
A typical multiple of 6× EBITDA reflects mid-market transactions in the $1–$50M revenue range.
Overview
Fund administration businesses typically trade at 4×–8× EBITDA. Recurring AUM-based fee income, regulatory authorisation under AIFMD or equivalent, and high switching costs for fund managers support premium valuations. Complex multi-jurisdiction fund structures and institutional client relationships create strong competitive moats. Regulatory change and institutional client consolidation are the primary risks.
Key Value Drivers
- Recurring AUM-based fee income
- Regulatory authorisation (AIFMD, UCITS)
- High switching costs for fund managers
- Multi-jurisdiction capability
- Technology platform scalability
Key Risks
- AUM decline in market downturns
- Regulatory change under AIFMD or equivalent
- Institutional client consolidation
- Compliance and reporting investment
- Competition from large fund service providers
Related Industries
Disclaimer: All multiples are indicative estimates only and are not formal valuations or investment advice. They should not be relied upon for financial decision-making without independent professional advice.