High Multiple

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

4×Typical EBITDA Range8×

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

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.