In a context of historical bubbles, Private Equity (PE) appears a reasonable bet. It is true that the EV/EBITDA multiple of PE investments is now 21% above historical levels (9 times), but this is a reduced premium compared to stock markets premia, and even of sovereign or corporate bonds, which in spite of showing overvalues lower than PE, also imply much lower historical returns. Therefore, expected future PE returns will be necessarily more attractive than those of other asset classes currently delivering unusually record high multiples. In fact, academic research points out how funds raised during high bull markets end up generating inferior returns compared to historical averages; however, this does not apply in relative terms to the stock markets.