Is PE Fu.cked?
Is PE fucked?
Clearly it's been a private + public market bubble the last ~5 years, and now the chickens are coming home to roost.
More tenable in the public markets (where you're marked to market) than private.
Lots of equity has flown into shit-tier businesses for years at double-digit+, just because (gotta win the bid bruh).
Floating rate debt max pain in a negative growth topline environment is no bueno.
Multiples will be depressed for the foreseeable future. EBITDA will be slashed.about to be as dry as the Sahara.
An entire generation of PE bros with phantom paper carry since ~2017 are about to be taken out back.
What's the end game?