What multiple of capital or money-on-money do private equity firms require?

Larger PE funds and / or PE firms executing LBOs in non-cyclical industries with recurring cash flows aim for a 2.5x multiple of capital over a 5-year period before selling the company, which is a 20% IRR.

For growth equity investments in more cyclical industries with higher growth rates, a 3x multiple of capital over 5 years would be expected, which is a 25% IRR.