Shift in Levered PE Investment Theses

For those at funds that have historically make levered investments, how has the investment targeting / criteria shifted?

Excluding a shift in the asset class of investment - e.g. buying bank in the secondary market, how much of the below are you seeing:

1) All equity / very highly equitized deals with hope of a recap T+2/3 years 2) Decreased equity IRR hurdle rates, but superior downside protection - e.g. providing the bonds along with the equity 3) Shift in investment focus - e.g. towards more resilient / defensive industries, but with acquisition multiple compression 4) Shift in investment stage - e.g. growth equity 5) Nothing new, extinguishing fires at portfolio companies

If 3 and 4, seems like that universe is limited and given the increased competition increasingly competitive and unattractive

Thanks much