The capital in stock of investment funds broke a new record in 2020, at 2,900 billion dollars, and the prices paid for the targets are skyrocketing, according to the world report by the firm Bain. But the volumes of debt injected to buy out companies have also greatly exceeded the alert threshold of regulators on both sides of the Atlantic.

The Thoma Bravo fund has got its hands on software publisher RealPage for around 30 times its 2020 Ebitda.

The fever is rising in global private equity. According to a report by Bain, published on Monday, the capital stocked by investment funds broke a new record, at $ 2.9 trillion, up 11.5%. Known for its strong returns, private equity acts as a haven for investors fleeing low interest rates.

But this abundance of new money is driving valuations to historic highs. This is particularly true in Europe, where the average purchase prices made by the sector exceeded the US level for the first time, at 12.6 times the operating profit (Ebitda) of the target.