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Introduction
The missing multiple
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Leveraging undervalued assets Capital is no longer abundant, fundraising is more challenging and hold periods are longer. Operational playbooks are standard and everyone claims to ‘create value’. Overlooking undervalued assets is a missed opportunity leading to under-realised returns.
The traditional playbook – improve efficiency, streamline operations, leverage tech – is running out of road, the real differentiator now lies in what many firms overlook: the undervalued assets – vision, brand and culture. These are not to be sidelined. When aligned they become hard drivers of growth, multiple expansion and premium exits. Ignore them and you could be leaving millions on the table. Leverage them and you unlock growth others can’t replicate. operational engineering but are failing to leverage more intangible drivers of valuation – strategic market positioning driven by the alignment of vision, brand and culture. These intangible factors consistently influence growth and valuation accelerating performance across the deal cycle, from due diligence through to exit. In 2025, Brand Finance, Global Intangible Finance Tracker (GIFT) TM reported the value of global intangible assets* reached an all-time $97.6 trillion high up 23% from the previous year. The missing value driver Investors excel at financial and
90 % 76 % 31 % 20 %
of S&P 500 market value is accounted for in intangibles, yet most PE playbooks under weight them. (S&P)
of analysts and financial journalists say brand strategy has an impact to P/E ratios. (Interbrand and NewtonX)
more return is generated to shareholders through brands with strong reputations than the MSCI world average* (McKinsey).
So why are so many firms still not tuning into their potential?
EBITDA-multiple uplift at exit by firms that invested in brand compared to peers that did not. (Harvard Business Review)
If you're known as a high-quality platform where people are proud to work, that brand equity pays back fast.
Piotr Biezychudek, Managing Director, Partners Group (Health & Life Team)
*GIFT intangible assets include brand equity, data and intellectual capital.
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