Analyzing operating metrics can provide insights into the process by which private equity managers execute their strategy. This update to our annual report includes data about approximately 5,700 US portfolio companies acquired by PE firms from 2000 through 2020. This analysis includes our observations on key metrics including purchase price multiples, leverage multiples, revenue growth, earnings (EBITDA) growth, and earnings (EBITDA) margins. Our analysis allows for the comparison of private and public companies across industry sector and company size. The data illuminate the key levers and value drivers in private equity, as well as the risks and returns of private equity versus public equity.