Private Equity and Alternative Investments Sector Outlook — September 2026

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FINANCIALS › FINANCIAL SERVICES › PRIVATE EQUITY AND ALTERNATIVE INVESTMENTS

Private Equity: Durability Separates the Field

The report shows how fee duration, credit quality and earnings mix distinguish the listed platforms.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis P / E (CY2026E)

Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   FINANCIALS › FINANCIAL SERVICES › PRIVATE EQUITY AND ALTERNATIVE INVESTMENTS

   Cover slide introducing the September 2026 Private Equity and Alternative Investments sector outlook.

   We open this outlook on the Private Equity and Alternative Investments sector as of September 28, 2026, built on a forward P/E (CY2026E) basis. The finding ahead is that fee duration and credit quality, not sector membership alone, separate the winners, so an owner or acquirer can act on the right comparison.

   Everything on this page

   FINANCIALS › FINANCIAL SERVICES › PRIVATE EQUITY AND ALTERNATIVE INVESTMENTS Private Equity: Durability Separates the Field The report shows how fee duration, credit quality and earnings mix distinguish the listed platforms. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis P / E (CY2026E) Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Table of contents listing the five report sections plus the appendix.

   We've structured this report so the bottom line comes first: the whole story is on section one, and everything after supports it. From there we walk the market map, the valuation drivers, the precedent transactions and the strategic agenda, so you can go as deep as you need. Stop after section one and you still leave with the complete picture, so use the rest to build conviction on the parts that matter most to you.

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   CONTENTS What This Report Covers 01 The Bottom Line Durable Earnings Streams Separate the Platforms 02 The Landscape One Sector Label Covers Three Earnings Models 03 Valuation & Situations The Valuation Range Reflects Company-Specific Earnings Profiles 04 Precedent Transactions Precedent Transactions Show What Buyers Agreed to Pay 05 Strategic Implications Strengthen the Earnings Stream Before Choosing Where to Invest 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Private Equity and Alternative Investments Split Between Fee Platforms, Private Credit and Adjacent Models

   One-page summary of the sector split between fee platforms, private credit and adjacent models.

   The rated set of five companies shows a valuation range from 45.7x down to 4.8x on forward P/E, with fee platforms and perpetual-capital vehicles rated at 27.1x against 10.2x for adjacent models. Perpetual-capital platforms and adjacent models each make up 38% of the group, and direct lending and private credit make up 25%. This tells us the sector rewards a business-specific case, not a single sector multiple, so capital and strategy decisions should follow the earnings model, not the label.

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   01 · THE BOTTOM LINE Private Equity and Alternative Investments Split Between Fee Platforms, Private Credit and Adjacent Models The full story on one page · figures on P / E (CY2026E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2026E consensus (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Valuation Range Rewards a Company-Specific Case Among five names with a forward P / E estimate, the premium end is 45.7x and the discount end is 4.8x. A forward multiple already credits forecast growth, so the remaining spread signals different views of earnings durability. 2 Fee Platforms Hold the Higher Segment Rating The two rated perpetual-capital and fee-related-earnings platforms sit at 27.1x, while the two rated adjacent models sit at 10.2x. The contrast is consistent with the market distinguishing recurring fee streams from more varied earnings models. 3 Business Mix Matters as Much as Sector Membership Perpetual-capital platforms and adjacent models each represent 38% of the set. Direct lending and private credit represent 25%, with balance-sheet marks, non-accruals and distribution coverage central to the equity case. 4 Growth Is Concentrated in One Listed Name Among five names with growth estimates, DigitalBridge Group, Inc. (DBRG) carries 15%, Runway Growth Finance Corp. (RWAY) carries 5%, and Blue Owl Capital Corporation (OBDC) and Morgan Stanley Direct Lending Fund (MSDL) carry 1%. Greystone Housing Impact Investors LP (GHI) carries 0%, making broad growth an unsupported sector thesis. 8.5x Sector median P/E CY2026E consensus · 5 rated of 8 companies 45.7x Premium end P/E vs 4.8x at the discount end top quartile (n=1) against bottom quartile (n=1) on P/E — the spread the report explains 39 Transactions with disclosed terms 82 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the market map and landscape discussion.

   One sector label covers three distinct earnings models — fee platforms, credit books and adjacent holdings — and we use this section to map where the value actually sits.

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   SECTION 02 02 THE LANDSCAPE One Sector Label Covers Three Earnings Models Fee duration, balance-sheet exposure and portfolio mix shape how owners should frame value. 02 of 06 Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   The Money Sits Across Fee Annuities, Credit Books and Adjacent Holdings

   Map of eight companies grouped into business segments with group median forward P/E.

   We group the approved companies by segment and show the median forward P/E for each rated group, so you can see how the market prices fee annuities differently from credit books and adjacent holdings. The segment split itself — 38% perpetual-capital platforms, 38% adjacent models and 25% direct lending and private credit — shows the sector is genuinely mixed, not a single business. That mix is the reason a single sector multiple misleads, so the next section breaks the valuation apart by model.

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   02 · MARKET MAP The Money Sits Across Fee Annuities, Credit Books and Adjacent Holdings 8 approved companies grouped by business segment · median P / E (CY2026E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 PERPETUAL-CAPITAL FUND SPONSORS AND FEE-RELATED-EARNINGS PLATFORMS 3 cos median 27.1x Blue Owl Capital (OBDC) DigitalBridge (DBRG) Gladstone (GAINL) Locked-up capital and recurring management fees can support a more durable earnings profile. DIRECT LENDING AND PRIVATE CREDIT VEHICLES 2 cos 4.8x · 1 rated Runway Growth (RWAY) KKR Group (KKRS) Credit performance, funding and distribution coverage shape the standing of these balance-sheet businesses. ADJACENT MODELS 3 cos median 10.2x Morgan Stanley (MSDL) Greystone (GHI) Great Elm Group (GEG) Different portfolio structures broaden the set but require company-specific underwriting.

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   02 · LANDSCAPE

   Three Earnings Models Require Three Different Valuation Conversations

   Explains why each of the three earnings models needs its own valuation conversation.

   Fee platforms, credit vehicles and adjacent holding companies earn differently, and the rated medians reflect that: 27.1x for the fee and perpetual-capital group against 10.2x for adjacent models. We read this gap as the market distinguishing recurring, contractual income from more variable earnings streams. The practical takeaway is that any valuation conversation has to start with which earnings model a company runs, so the next section builds that case company by company.

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   02 · LANDSCAPE Three Earnings Models Require Three Different Valuation Conversations Segment view of the approved universe · P / E (CY2026E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median P/E Names to know What they do — and why it matters Perpetual-capital fund sponsors and fee-related-earnings platforms 3 38% 27.1x Blue Owl Capital Corporation (OBDC) · DigitalBridge Group, Inc. (DBRG) · +1 more Duration supports the story. These platforms pair fee-paying AUM with management-fee income. The key question is how much capital is perpetual or long-dated and how much earnings depend on carried interest. Direct lending and private credit vehicles 2 25% 4.8x n=1 Runway Growth Finance Corp. (RWAY) · KKR Group Finance Co. IX LLC 4. (KKRS) Credit quality carries weight. These vehicles earn through investment income and portfolio yield. Non-accruals, PIK exposure, mark discipline and funding structure remain central to their standing. Adjacent models 3 38% 10.2x Morgan Stanley Direct Lending Fund (MSDL) · Greystone Housing Impact Investors LP (GHI) · +1 more Structure changes the lens. These businesses combine different holding-company, real estate credit and permanent-capital exposures. Their value cases depend on the earnings engine beneath the common sector label.

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   SECTION 03

   03

   Section divider introducing the public market valuation analysis.

   The valuation range reflects company-specific earnings profiles, and a forward earnings lens is what separates the premium name from the rest of the rated set.

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   SECTION 03 03 VALUATION & SITUATIONS The Valuation Range Reflects Company-Specific Earnings Profiles A forward earnings lens separates one premium name from the lower-rated end. 03 of 06 Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Pairs Forecast Growth with a Distinct Earnings Case

   Ranks all five rated companies by forward P/E against the sector median of 8.5x.

   Sorted from 45.7x down to 4.8x, the rated set spans a wide range around a sector median of 8.5x. The premium end pairs a distinct earnings case with forecast growth, which is consistent with the market crediting durability rather than simply rewarding the sector as a whole. For an owner or acquirer, the premium has to be earned company by company, so the next page tests what actually drives it.

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   03 · PUBLIC MARKET VALUATION The Premium End Pairs Forecast Growth with a Distinct Earnings Case P / E (CY2026E) · all 5 rated companies, sorted descending · sector median 8.5x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2026E consensus (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2026E) basis. Panel commentary is a NeuraCap view. Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 45.7x CORE · median 8.5x DISCOUNT · median 4.8x Sector median 8.5x WHAT SEPARATES THE TWO ENDS The top pairs with growth. The one-name premium end is represented by DigitalBridge Group, Inc. (DBRG) at 45.7x. Its forecast growth is associated with the top of the valuation range, but the observation cannot be generalised across the set. The bottom reflects credit exposure. The one-name discount end is represented by Runway Growth Finance Corp. (RWAY) at 4.8x. Its direct-lending model places credit quality, portfolio marks and distribution coverage at the centre of the case. Forward pricing raises the bar. A forward P / E already gives credit for expected growth. A premium that remains after that adjustment calls for durable fee-related earnings, credible capital formation and disciplined costs.

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   03 · VALUATION DRIVERS

   Earnings Durability and Credit Discipline Frame the Valuation Debate

   Splits median forward P/E by revenue-growth cohort and by EBITDA-margin cohort among rated names.

   We cut the rated names into faster- and slower-growth cohorts and into higher- and lower-margin cohorts to see what associates with a higher forward multiple. This is a read of association in the data we have, not a claim that growth or margin causes the premium. It sharpens the questions to ask of any specific company, so the situation map next turns this into a practical cut.

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   03 · VALUATION DRIVERS Earnings Durability and Credit Discipline Frame the Valuation Debate Median P / E (CY2026E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Long-Dated Capital Supports Recurring Fee Economics Perpetual capital and contractual management fees can reduce reliance on realizations. Owners should test how much fee-paying AUM remains protected through a weaker fundraising or realization environment. Credit Quality Shapes Confidence in Reported Earnings For direct lenders, non-accruals, PIK income and mark movement affect how investors assess net investment income and distribution coverage. Carry Exposure Changes the Durability of Earnings Fee-related earnings and carried interest should be assessed separately. Their contractual lives, realization dependence and reinvestment needs differ. The Premium Sits Alongside Forecast Growth That association appears in a single listed name rather than across a broad split. The operating case still needs support from fee duration, capital formation and cost discipline.

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    03 · SITUATION MAP

    Margin Evidence Must Catch up Before the Situation Map Can Guide Capital

    Places rated companies on a grid of P/E versus the sector median against EBITDA margin versus the covered median.

    We cut the rated set on P/E against the 8.5x sector median on one axis, though the margin axis is not populated for this group, so the rated names are not mapped on margin here. This page characterizes situations; it does not recommend buying or selling any security. The gap in margin evidence is itself useful: it tells us where a company's case needs more data before capital follows, which is exactly what the next page turns into an agenda.

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    03 · SITUATION MAP Margin Evidence Must Catch up Before the Situation Map Can Guide Capital Cut on P / E vs the sector median (8.5x) (rows) and EBITDA margin vs the covered median (n/a) (columns) · 5 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Rating, Higher Margin Above-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Higher Rating, Lower Margin Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Lower Rating, Higher Margin Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Lower Rating, Lower Margin Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

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    03 · THE AGENDA

    Choose Capital Priorities Around the Earnings Stream You Can Defend

    Frames the questions an owner or acquirer should resolve before committing capital.

    We turn the cohort evidence into an agenda: which earnings stream can you actually defend, and what would need to be true to raise or lower that view. These are observations framed as questions, not recommendations. Working through them before allocating capital is what turns the data on the previous pages into a decision, so the transaction record that follows shows what buyers have already paid for these choices.

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    03 · THE AGENDA Choose Capital Priorities Around the Earnings Stream You Can Defend NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen Recurring Fee Income Prioritise products and channels that extend capital duration and increase the share of contractual management fees. What changes the answer: The answer changes when fee-paying AUM becomes less durable or fundraising concentration rises. Protect the Credit Book For lending vehicles, allocate resources to origination quality, non-accrual management, funding flexibility and distribution coverage. What changes the answer: The answer changes when portfolio marks, PIK income or funding costs weaken earnings quality. Separate Fees from Carry Direct capital toward the earnings stream with the clearer contractual life rather than treating fee-related earnings and carried interest as interchangeable. What changes the answer: The answer changes when realization visibility improves or successor-fund economics become more certain. Test Build Against Acquisition Compare the cost and timing of building a strategy or distribution channel with the economics visible in precedent transactions. What changes the answer: The answer changes when internal capability, available capital or integration risk shifts.

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    SECTION 04

    04

    Section divider introducing the precedent transactions record.

    Precedent transactions show what buyers have actually agreed to pay across manager combinations, strategic expansion and platform acquisitions, and that record is where we turn next.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Show What Buyers Agreed to Pay The transaction record spans manager combinations, strategic expansion and investment-platform acquisitions. 04 of 06 Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Strategic Buyers Have Agreed Different Prices for Different Platform Economics

    Walks through three case-study transactions out of the disclosed-term deal record to illustrate different platform economics.

    We've selected three transactions from the disclosed-term deal record to show how strategic buyers have priced different platform economics, with the complete list available in the appendix. These multiples are LTM at announcement, drawn from filings, and we don't claim a spread against the CY2026E public basis because the two are not directly comparable. Reading the deal logic alongside the price paid gives a grounded reference point for any build-versus-buy conversation, so the appendix carries the full record for further diligence.

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    04 · DEAL CASE STUDIES Strategic Buyers Have Agreed Different Prices for Different Platform Economics 3 of 39 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 131 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; financial target ev not meaningful); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jul-2023 $676M Rithm Capital Corp. Rithm Capital Corp. Agreed to Acquire Sculptor Capital Management, Inc. EV / LTM revenue 1.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests Rithm Capital Corp. sought greater exposure to alternative-investment management through Sculptor Capital Management, Inc. The strategic fit lies in combining capital resources with an established manager. HOW THE TARGET WAS VALUED The announced transaction carried a recorded value of $676M and a revenue multiple of 1.7x. Those terms provide a direct benchmark for the platform as recorded. Mar-2021 $3.0B Marketwise, Inc. acquires Beacon Street Group EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction should be read through the fit between the buyer's existing segment and the target's earnings model. Fee duration, distribution reach and investment capabilities are the relevant strategic tests. HOW THE TARGET WAS VALUED The useful valuation read is the disclosed value and operating multiple against comparable investment platforms. The earnings base should be separated between recurring fees and performance-linked income. Sep-2022 $1.7B Cartesian Capital Group acquires Silver Crest Acquisition Corp EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction should be assessed against the buyer's ability to add a strategy, distribution channel or source of permanent capital. The target's recurring fee base and dependence on realizations frame the strategic fit. HOW THE TARGET WAS VALUED The valuation benchmark should match the target's underlying earnings model. Fee-related earnings, carried interest and balance-sheet exposure warrant separate treatment.

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    SECTION 05

    05

    Section divider introducing the strategic implications for owners, management and boards.

    Strengthening the earnings stream comes before choosing where to invest, and capital allocation should follow fee durability, credit quality and the economics of building versus buying.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Earnings Stream Before Choosing Where to Invest Capital allocation should follow fee durability, credit quality and the economics of build-versus-buy. 05 of 06 Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Build Value Through Fee Duration, Credit Quality and Disciplined Expansion

    Lays out the questions this data raises for owners, management and boards over the next twelve months.

    For owners, the priority is deepening the recurring, contractual share of earnings. For management, it's directing capital and hiring toward the strategies with the clearest fee duration or cleanest credit performance. For boards, it's using the precedent transaction record to benchmark build-versus-buy choices against the right earnings base, so the strategy fits the specific platform rather than a generic sector view.

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    05 · STRATEGIC IMPLICATIONS Build Value Through Fee Duration, Credit Quality and Disciplined Expansion NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Strengthen the Recurring Earnings Base Increase the weight of contractual fees, durable capital and repeatable origination. Keep carried interest and principal gains in their proper place within the earnings story. FOR MANAGEMENT Put Capital Behind the Durable Engine Align hiring, product investment and funding with the strategies that offer clearer fee duration, stronger distribution coverage or cleaner credit performance. FOR BOARDS Use What Buyers Agreed to Pay Benchmark build-versus-buy decisions against precedent transactions while matching each target to the right earnings base. A fee platform, credit vehicle and adjacent holding company should not share one valuation shortcut.

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    SECTION 06

    06

    Section divider introducing the full comparables universe, methodology and sources.

    The final section carries the full universe, the methodology and the sources behind every figure in this report, so any number here can be traced back to where it came from.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on P / E (CY2026E), Grouped by Valuation Tier

    Lists all eight companies with forward P/E, marking five rated names against the sector median.

    This page carries all eight companies in the approved universe, with the five rated names shaded above or below the 8.5x sector median and the unrated names flagged as having no eligible multiple. Every ticker links back to its underlying source, so you can verify any figure directly. It's the reference table behind every valuation claim made earlier in this report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on P / E (CY2026E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (8.5x); amber marks below · 5 rated companies; 3 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 5 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV P/E (CY2026E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥12.5x · median 45.7x · 1 companies DigitalBridge Group, Inc. DBRG Perpetual-capital fund sponsors and… $3.9B 45.7x 15% n/a n/a CORE — 7.8x–12.5x · median 8.5x · 3 companies Greystone Housing Impact Investors LP GHI Real estate credit and mortgage-backed private capital $2.0B 12.5x 0% n/a n/a Blue Owl Capital Corporation OBDC Perpetual-capital fund sponsors and… $13.3B 8.5x 1% n/a n/a Morgan Stanley Direct Lending Fund MSDL Diversified permanent-capital holding platforms $3.2B 7.8x 1% n/a n/a DISCOUNT — <7.8x · median 4.8x · 1 companies Runway Growth Finance Corp. RWAY Direct lending and private credit vehicles $861M 4.8x 5% n/a n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists disclosed-term precedent transactions, newest first, first of two pages.

    This page lists the disclosed-term transactions newest first, with multiples on LTM financials at announcement where disclosed and deal values linked to the underlying filing. This page and the next carry all of the disclosed-term transactions in this tier, with the remainder of the recorded transactions in the companion workbook. This is the primary evidence behind the deal case studies shown earlier, so treat it as the source list for any transaction you want to examine further.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 39 transactions with disclosed terms in this tier (82 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 131 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; financial target ev not meaningful); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. 18 of 39 transactions shown; the rest are in the companion workbook. Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2026 Canada Pension Plan Investment Board → I Squared Capital n/a 0.7x 8.8x Canada Pension Plan Investment Board and I Squared Capital were recorded at 0.7x revenue and 8.8x EBITDA. The completed transaction provides a benchmark for an infrastructure-focused investment platform. Oct-2025 Alps Group Inc → Globalink Investment Inc. $1.6B n/a n/a Alps Group Inc completed its transaction with Globalink Investment Inc. at a recorded value of $1.6B. The deal adds a disclosed-value reference without a recorded operating multiple. Sep-2025 Premier, Inc. → Patient Square Capital, LP n/a 2.6x 10.3x Premier, Inc. and Patient Square Capital, LP were recorded at 2.6x revenue and 10.3x EBITDA. The announced transaction links a healthcare company with a private-capital buyer. Oct-2024 Ares Management Corporation → GLP Capital Partners Limited n/a n/a 17.5x Ares Management Corporation and GLP Capital Partners Limited were recorded at 17.5x EBITDA. The announced transaction suggests strategic value in adding an established investment platform. Jan-2024 BlackRock, Inc. → Global Infrastructure Partners n/a n/a 15.2x BlackRock, Inc. completed its transaction with Global Infrastructure Partners at 15.2x EBITDA. The combination suggests a strategic fit between a broad asset manager and an infrastructure platform. Dec-2023 Vista Equity Partners Management, LLC → Clayton Dubilier & Rice n/a 6.5x 52.5x Vista Equity Partners Management, LLC and Clayton Dubilier & Rice were recorded at 6.5x revenue and 52.5x EBITDA. The announced transaction illustrates how different earnings bases can produce a wide valuation read. Sep-2023 Bridgepoint Group plc → Energy Capital Partners n/a n/a 15.2x Bridgepoint Group plc and Energy Capital Partners form a clear strategic pairing between an investment manager and an energy-focused private-capital platform. Jul-2023 Rithm Capital Corp. → Sculptor Capital Management, Inc. $676M 1.7x n/a The announced transaction with Sculptor Capital Management, Inc. suggests an expansion of Rithm Capital Corp. into alternative-investment management. Dec-2022 Coupa Software Inc → Thoma Bravo, L.P n/a 8.4x n/a Coupa Software Inc and Thoma Bravo, L.P were recorded at 8.4x revenue. The completed transaction provides a revenue-based reference for a software asset and private-equity buyer.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the disclosed-term precedent transaction list, newest first, second of two pages.

    This page completes the disclosed-term transaction list started on the previous page, again with LTM multiples at announcement where disclosed and links to the underlying filing. Together the two pages cover the disclosed-term transactions in this tier, with the companion workbook carrying the rest. Having the full record in one place lets you check any single deal against the pattern we described in the case studies.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 39 transactions with disclosed terms in this tier (82 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 131 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; financial target ev not meaningful); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. 18 of 39 transactions shown; the rest are in the companion workbook. Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2022 Cartesian Capital Group → Silver Crest Acquisition Corp $1.7B n/a n/a Jun-2022 Roper Technologies Industrial Businesses → Clayton Dubilier & Rice n/a n/a 13.3x Feb-2022 D-Wave Quantum Inc. → DPCM Capital, Inc. $291M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Dec-2021 SPX Flow → Lone Star Funds n/a n/a 18.9x Sep-2021 Barings BDC, Inc. → Sierra Income Corporation n/a 1.1x n/a May-2021 Culligan International → BDT Capital Partners n/a n/a 16.2x Apr-2021 Proofpoint Inc → Thoma Bravo, L.P n/a 0.7x n/a Mar-2021 Aryzta AG (North America) → Lindsay Goldberg n/a n/a 13.6x Mar-2021 Marketwise, Inc. → Beacon Street Group $3.0B n/a n/a Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Documents the sources, assumptions and data-quality treatment behind the report.

    Every figure in this report links to the record it was taken from, and where it doesn't, the appendix names the source and the basis on which it was read. This is where we disclose what was excluded and why, so you can judge the evidence the same way we did. Transparency on the exclusions matters as much as the figures themselves, because it tells you what the sector view does and doesn't cover.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: P / E on CY2026E consensus (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). P / E on CY2026E is the lead convention: it is the sector-appropriate prior for Private Equity and Alternative Investments and it clears the coverage gate with 6 of 8 companies (75%). EV / Revenue is carried as a cross-check. DATA QUALITY & EXCLUSIONS 9 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 230 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (229) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Observed Premium Sits with Durable Fees, Clean Credit and One Growth Outlier.

    Closing slide restating that the observed premium sits with durable fees, clean credit and one growth outlier.

    The observed premium in this sector sits with durable fees, clean credit and one growth outlier, not with the sector label itself. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace further.

    Everything on this page

    The Observed Premium Sits with Durable Fees, Clean Credit and One Growth Outlier. NeuraCap AI — Private Equity and Alternative Investments Coverage September 2026 · Prepared by NeuraCap AI · Confidential Private Equity and Alternative Investments Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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