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yes, management fees and deleveraging
If there's 0 increase in EBITDA it's hard to see a sponsor clearing their returns threshold...
While they can still increase the equity value (as % of enterprise value) via deleveraging, the lack of growth should hurt the exit multiple.
It will be difficult to get another sponsor (or even a strategic) to buy into a 0-growth story.
In this case returns are: deleveraging - multiple compression = sad days
Basically PE returns 2019-2020...
Dividend recap.
Everyone wants sexy capital gains but dividends are just as important.
like others have said management fees, dividend recap or just natural deleveraging
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