The Private Equity Boogeyman
Every era needs a villain.
Post-2008, it was bankers.
In the post-COVID, post-Floyd/BLM, permanently online era, it is apparently private equity.
Anti-capitalism has gone fully mainstream among liberals. “Late-stage capitalism” and “eat the rich” are no longer ironic Tumblr phrases. They are now sincerely held beliefs, repeated by people whose entire economic education consists of TikTok explainers and vibes. Within that shift, private equity has somehow become the face of everything wrong with modern life.
Scroll TikTok or Bluesky for five minutes and you will see it. PE is evil. PE is buying everything. PE is destroying housing, jobs, hospitals, and childhood brands to make the rich richer. Housing is unaffordable because “BlackRock is buying all the single-family homes” (they mean Blackstone, but accuracy is optional). PE is the next 2008, according to people who think private equity just means “private companies, but evil.”
At this point, private equity has become an amorphous, all-powerful force that sits somewhere between a hedge fund, a monopoly, and a cartoon villain. It is discussed in the same hysterical tone people use when talking about AI ending humanity or climate projects instantly wiping out civilisation. Billionaires are framed as cartoon cavemen incapable of adapting to predictable changes, despite having infinite money and information. Try explaining a dividend recapitalisation to these people and you would either trigger a fit of irrational rage or watch them short-circuit in real time.
What is strange is why private equity in particular gets this level of hate. Private credit can be far more aggressive. Hedge funds can be highly leveraged and speculative. Quant firms literally make money by running inscrutable maths models that are infinitely further removed from your average college-aged neo-Marxist’s concept of “real work” than owning and improving operating businesses. Yet none of these attract anything close to the same moral outrage.
The answer seems to be visibility. Private equity touches things people recognise. Jobs. Companies. Hospitals. Housing. When a PE-owned firm restructures, there is something tangible to point at. Private credit sits quietly in the background. Quant is invisible and incomprehensible. Hedge funds are abstract. PE gives people a logo, a villain, and a clean narrative.
In that sense, private equity is simply the villain of this era, the same way bankers were after 2008, just without a singular collapse or taxpayer bailout to anchor the anger. The resentment is less technical and more cultural.
But that still leaves the real question.
If opacity, leverage, and abstraction are what people supposedly hate about capitalism, why is private equity the punching bag, while parts of finance that are even more opaque, more abstract, and further removed from any intuitive notion of “work” get a free pass?
Why PE, specifically?
Public equities/quant don't involve control of the company. We get in and out to make whatever our investment thesis was and, setting aside the handful of activist funds, we never have a seat at the table. At worst, it's "more efficient allocation of capital" across publicly traded companies. Nobody's kidding themselves that they are making the world a better place, but it's not extracting "value" from actual businesses (paying out a big cash dividend Year 1 to juice IRR or other fun games)
PE's primary selling point is the corporate control (without that, it's just illiquid, long beta exposure with high rates risk). And corporate control, if done well, probably leads to "efficiencies". For your average Joe, that's layoffs, disappearing family owned businesses, and declining service quality at PE-owned companies (see: health care).
Not saying there's no issues with other parts of finance, or that all the rhetoric is justified. But I'm not exactly scratching my head either
I will say for health care, declining service quality isn't always the case (specifically for outpatient, inpatient is a whole different animal and in those most cases - saying PE is 'evil' is fairly accurate).
Some of the home runs (for PE fund returns) out there in HC services are well oiled machines when they exit. Used to work at one and it got acquired by a public company. Almost immediately went to shit from what I heard (I left before the PE investors exited).
That being said, I do appreciate the healthy skepticism and academic journalism that exists (often those not in favor of PE owned businesses).
https://jamanetwork.com/journals/jama/fullarticle/2829041#google_vignette. Worth the read -- the level of care a hospital provides tends to fall after it's purchased by a PE firm
because stocks get inflated from financial engineering, not for increasing real productive capacity
Is this some kind of elaborate rage bait
Most of my clients are PE funds but juniors in my group will joke about actively avoiding any and all PE owned businesses because they transparently suck the quality and soul out of formerly good businesses - great for returns but ultimately bad for the consumer
Above poster touched on management control being the driving factor of PE alpha - I would add asset price inflation and excess dry powder exacerbates the need for aggressive cost cutting tactics to achieve required returns leading to efficient but hollowed out businesses
Only need to look at RJR nabisco to recognise that the nature of PE has never changed
counterargument is that exit to public markets is a net positive outcome - retail investors can now access more efficient and professionalised businesses - however people are not wrong to call out the negative externalities of PE money given the direct impact to the labour force and the consumer which is not seen in non-controlling investment styles. Second counter argument is existence of activist hedge funds which may influence boards to engage in cost cuts - but this is extreme example
https://www.nytimes.com/2025/07/09/business/youth-sports-private-equity…
This is objectively a low IQ take
Thinking capitalism is the be-all end-all is sooo middle curve. Of course, some of the most intelligent, forward thinking capitalists like Karp and Thiel recognize that capitalism is unsustainable and dangerous, but their response is to get theirs and prepare contingency plans for mass destabilization instead of trying to create something different or more sustainable.
Ok, can you show me one example of a PE backed company that went public in the last 5 years and did better than broad market indices? Heck show me one example where the share price didn't go straight to the shitter after the IPO. Not saying it doesn't exist but is exceedingly rare.
IPO market has been pretty dead since 2020 so not sure what to say
If you're anti-PE, you're anti capitalism, as the entire model consists on cutting any value leakage that is given for free (i.e., without any counterbalancing value / or a mismatch of the price based on supply and demand. such as employment, products, services, etc.).
So I don't want to hear anyone that shits on communism/European socialism, shit also on PE. You're getting the purest version of capitalism, so take it like a champ.
I don't think it's anti-capitalism to suggest that not every asset, particularly those of strategic or national significance (be it utilities, healthcare / insurance etc) should be sold to the highest bidders if the quality is going to decline?
did you know that a Government can regulate the price of those services you listed (and already does for some utilities)?
in Europe there are caps and subsidies for healthcare, utilities, etc., but the US considers it "socialist". If not subsidies, you can also cap unjustified price increases on some essential products (e.g., unless you actually show some increased costs in delivering a drug, you can't raise it), but we love lobbying and push for free market/laissez faire, don't we?
so again
-
I disagree. Capitalism doesn't mean extracting every last dollar of value from every productive asset and charging nearly exorbitant fees for the privilege of doing so. I'd say a much better version of capitalism is a system that enables strong, profitable enterprises to continue remaining strong profitable enterprises for the benefit of shareholders over the long term. PE doesn't give two shits what happens to the company after their 3-5 year hold period, so they use very tool in the toolkit to extract any value possible during their hold period. Case in point: the many retail SLBs that were done that left the underlying businesses in a significantly worse shape.
Implicitly they do have to care what happens after 3-5 years. Part of being a good PE investor is to think about the next buyer and how the company needs to be positioned to get maximum value at exit. You can RIF your way to more EBITDA, but ultimately smart investors realize that the quality of earnings is poor, and the company is not positioned to grow, and rather you will not be able to sell or get very low value.
to not start a debate on what is and what is not capitalism, clawbacks on management fees to incentivize more exits, which would on its own incentivize leaving good firms (as @deals1228 correctly pointed out), should solve your concern
like pure Colombian bam bam
It’s not really a shocker as the PE space has gotten bigger that people are more aware of it. The public facing elements are pretty shitty to the 99% of people who don’t care about IRR or capital efficiency.
What customer would be happy that local business XYZ no longer inefficiently prices their product to the customer’s advantage, and fired employee ABC who was absolutely useless but has been nice to them for the past decade?
It’s crazy how you isolated liberals for anti capitalism rhetoric & actions when twitter was filled half rotten MAGA influencers praising Trump whe he signed an Executive Order that they called “Stop Wall Street from buying family homes.” This was like a week ago
The PE hate is driven by ideology, not understanding what PE companies do, and, in a smaller part, due to bad actors.
When one looks at previous financial crashes, it is always clear that the Fed (and related regulators) are made aware of a possible systemic issue but always act either too late or when the market starts to get shaky.
When looking at private investments (private credit and PE), there are arguably a lot of issues that could lead to one of these financial crises even though it is “Private”.
Private equity, as a whole, were desperate to allocate capital when arguably prices were inflated and debt was cheap. Essentially, like LTCM, they had to place their money somewhere or reduce the fund size. Now, when interest rates have normalized, many PE funds are having a hard time offloading their investments (e.g. increased continuation vehicles, lack luster IPO market, etc). PE funds also don’t accurately value their portfolio, or there would be many LPs pissed about the mark downs from the low interest rate environment. Given that LPs include billions of dollars from pension funds, endowments, and other LP’s representing main street; the PE model isn’t truly private and represents a system with lots of main street dollars invested in it. With that in mind, in the event that funds can’t continue with continuation vehicles or are forced to either sell at a low profit (if any) or do financial engineering, it represents a possible systemic issue as poor performance for the PE market would have an effect on main street that would create a shock to the market. This is even more so with secondaries funds that will buy LP positions at a discount, mark the value up to what the fund proports, and is growing at a rapid rate with pension funds and other main street investors diving in. TLDR; a shake up in PE could have outsized systemic effects that regulators are choosing to ignore.
In private credit the risk is even greater. Since the 08 crisis, the non-bank private credit market has exploded due to the fact that banks are handcuffed to be overly rigorous in their lending underwriting. Getting money from a bank is like getting water from a rock for many firms ranging from SMBs to the middle market. This has led to an explosion in non-bank ABL lenders, which if you have read the news haven’t been doing great. What isn’t as obvious is these private credit funds, ABL ones especially, are essentially heavily back levered by BB banks (Wells, JP, etc). Many of these banks had ABL teams pre 08, and if you look at the LinkedIn profiles of higher ups at ABL shops many came from these banks in their former ABL vertical. Given the last year, these ABL shops are not only facing issues from bad deals they (non prudently) aggressively pursued, but are facing pricing pressures due to the market being overly saturated. If the trend of deteriorating performance continues with ABL shops, there is a strong possibility that there would be systemic shock to the banking system as well. Banks providing massive amounts of back leverage, which many ABL shops rely heavily on, would face capital constraints and could arguably create a credit crunch similar to 08.
PE and PC are explosions waiting to happen
TLDR is that too many people now “experience” life online vs the real world and have been inundated by strange anti-American propaganda for 10+ years now.
experiencing the real world in question:
I think some of this is correlation vs causation. PE firms aren’t buying the best run, highest quality hospitals in dense urban areas… I think these problems would exist at those hospitals regardless of ownership and it’s more pointing out that rural healthcare is understaffed and lower quality (which shouldn’t be shocking to anyone).
If they had data on before and after PE owenership or benchmarked against other non PE owned hospitals in similar geos, that would be interesting to see and would validate this.
You make valid points but... don't flatter yourselves. To the aggregate masses, Private Equity is way too small, incomprehensible, and impersonal to be the real Boogeyman. It lacks a consolidated set of charismatic villains to play the role of public heel.
Much to my dismay, it's very clear that Tech, especially AI, is going to be the unifying enemy of both the populists and the leftists that you are painting here:
These make for much scarier, much more capitalistic foes than "I have to compete with a fund for a house I couldn't afford anyway"
100% agree with everything stated here.
I think any nonpublic company with issues gets lumped in with the PE boogeyman.
As an industry, I think it adds much, much more value than it destroys. If anything, in many cases where PE owned assets go south my guess is PE gave them their last best chance to survive.
I also work and have worked in operations at several portcos and I get the frustrations people have. Life sucks when you're not delivering results, but frankly it should, so even when my PE overlords are being big meanies, I get where they're coming from.
Even public companies do -- many people do not understand the difference between say, an Elliott taking a position in a public company to drive change a la Southwest and a majority buyout fund taking a company private. The average level of understanding is quite low.
Agree, generally speaking.
But let's not kid ourselves that there aren't funds whose goal in life is just to pillage regardless of value destruction, and let's not pretend that there aren't kids who want to work in the industry specifically in order to participate in the pillaging.
https://www.wallstreetoasis.com/forum/private-equity/hero-deals-cases-worth-studying
Here's a quote from the OP linked here:
Their literal first example of a "hero deal" is one in which they believe the PE owner got to steal from the company they bought.
I have been on teams that built companies, hired hundreds of people, built millions of sqft of factory floor space, invested in equipment and assets that enabled manufacturing of products and providing services and creating value. At its best that's what PE does. But PE isn't always at its best and it's worth being honest with ourselves about that.
Any tips on breaking into operations at portcos?
Sorry, just saw this. On my end, it was post-MBA networking, where I basically transferred the skills I was doing at a larger F500 into a smaller PE company, and from there, having that on my resume has allowed me to get at least an interview for those roles pretty easily. If you do Corp Strat you're as strong or stronger at a lot of the reporting and other skills sponsors look for.
Hopefully others will correct me if I'm just talking my own experience, but I think having the work experience + MBA helped a ton
If it were “bad for the consumer” people would stop buying PE products but they do so what’s actually happening is a product that was inefficiently produced and higher quality than anyone was willing to pay for (but deliver a bit more utility) is now exactly what quality someone is willing to pay for. Thats literally a more efficient outcome for society. The extra cost that was being wasted goes to shareholders who can reinvest it elsewhere. Consumers are left with a nebulous anger but they weren’t willing to pay for that quality so what are people actually complaining about
I think there are a few reasons for this:
1). People don’t understand what PE is (what people don’t understand tends to be perceived as bad or scary), but they understand just enough to be able to grasp it (PE buys companies, houses, infrastructure, etc). Whereas nobody really gets what high frequency hedge funds do nor do most people think buying stocks (their view if they even have one) is bad
2). PE backed companies tend to touch the things people care about (their jobs, homes, consumer brands, medical care, etc.) in a way that you could never quantify a hedge fund or debt provider doing
3). Not unique to PE but still a worthwhile mention — PE professionals are much more highly comped than the average american. People will generally have a negative bias toward people who have more, who they perceive work less or the same as them
4). Media coverage of PE backed companies almost always is about the bad stuff. It’s not an interesting story to write “[Fund name] backed portco increases wages by 4% and increases headcount and profitability YoY”. No one cares about this because they assume it would have happened without PE (sometimes true, sometimes not). However, It is interesting to write “500 laid off after [fund name]’s debt fueled acquisition goes bust”. These articles operate fully on the presumption that the bad problems were caused by the firm (sometimes true and sometimes not) and then explain how the fund still made some money while employee x of 30 years is left without options when he is just a few years from retirement. This all creates a narrative and perception that PE is responsible for the bad but never the good
When you layer all those things together a narrative starts to form and its digestable enough for people to grasp but opaque enough that people think something untoward is happening, which creates an easy target
Note: lighted edited for grammar (still probably riddled with errors) but fixed the glaring ones
You wrote a long post but didn't address why you think the reasons why people hate PE are not justified.
Are PE firms not buying companies and laying off a bunch of people to improve margins? Are they not increasing prices to increase revenue? Are they not buying up real estate making it less affordable and increasing rents drastically?
I disagree with a lot of the premise of this post and to preface I am not saying PE firms are the good guys, but I am saying they should not be vilified.
- PE lays off people to improve margins. I won’t disagree this happens but we just did a study for our LPs across our last three vintages and our PortCos are by and far away job creators. Did we have companies that were net down? Yes, but the vast majority of PortCos were net job creators and in the aggregate across the portfolio headcount increased substantially. I will caveat that these are well performing funds, so we naturally hired, but the idea PE is job destruction and just cuts people to improve margins certainly isn’t always right and I would argue is probably wrong in the aggregate
- Does PE increase prices to increase revenue? Yes it does. Is simple economics max revenue is the sweet spot of prices and demand? Also yes. So sure if a business wasn’t running efficiently and was well under pricing it’s services PE will likely step it up. Is that bad? In the short term I can see that argument. Is being economically efficient good in the long run? i would argue yes. I know there have also been life critical examples of this namely in healthcare where service quality has also declined, but I think those are minority situations in the grand scheme (but still bad) so I will call this a push / reasonable bias against PE.
- Buying homes and jacking up rent. Another interesting example. On the face of it, that sounds awful, agree. But unpack it — if you buy homes above market that increases the implied home value of every single home owner in that neighborhood. It creates a windfall for the home owner moving out. It provides a clean liquidity solution for numerous sellers. For every person dinged by not buying a home or paying higher rent, there are probably [0.7-1.0] beneficiaries from the sale. Definitely not charity work but not evil either. We are also on the precipice of the greatest wealth transfer in history, so while it sucks many of are currently being priced out of the market currently, the value of that home and those above market sale proceeds will ultimately transfer down to us enabling another generation of buyers
But by increasing the market value of homes/buying homes and jacking up rent we price the next generation of homeowners out of being able to buy their own home. It's universally agreed that buying a home is the single greatest wealth creator for the average American. If people are forced to be renters for the rest of their life they miss out on retirement vehicle that is cashing out of your family home after ~30 years of living there.
You made some interesting arguments but I think some important nuances are missing.
"the vast majority of PortCos were net job creators and in the aggregate across the portfolio headcount increased substantially" - when assessing this, do you account for M&A in the portico level? For example, if you had a platform with 200 employees that did 5 tuck-ins with 50 employees, would you say the PE fund created 50 jobs? If you are only calculating purely organic headcount growth, then great, kudos to your fund! But if not, I think it's disingenuous to say that a PE fund "created" or "added" 50 jobs. Those jobs already existed, the PE fund just bought it under its umbrella.
"Is being economically efficient good in the long run? i would argue yes." - I do believe there is a difference in being economically efficient and squeezing out any possible value from the asset. Whenever I am in London, I try to get to Flat Iron steakhouse. They have this thing where after dinner, on your way out, they give you a free ice cream, and a pretty good one at that. The last time I was there, I just couldn't stop thinking how if a PE firm bought that business, some goddamn MBA graduate who spent a few years at GS or Bain would look at that and say the business is "leaving value on the table", "unbundling products could lead to a near-term % increase in revenues". That little delight that consumers get from going there, the one that kept me going back there again and again, would likely be taken away. The value that I believe I get as a consumer would get worse.
I am being factitious but I think you get my drift. There are just sooo many examples of PE firms buying retail business and jacking up prices and decreasing quality at the same time. Allen Edmonds, Canada Goose and Jack Wills all come to mind.
This whole post seems.... a little homosexual. Why would I care in the slightest about the "narrative" opinion from the average american who has $8K of cc debt while making $65K (real financially sharp folks here) and has zero understanding of how private equity actually works. Do you ask your demented grandmother for stock tips?
This is the right answer - also fucking get off BlueSky. Nobody in the real world uses that, or Twitter. Most normal people have probably never heard of private equity
my brother in Christ, we buy up businesses and flip them to each other for higher and higher prices, each time squeezing the customer and worsening the final product in the process. Sure, there are success stories where this isn’t true, but to say the goal is to make the business better and not just to generate IRR is childish. Whether you admit it to yourself or not, if you put in the work to be at any of the PEs college kids here salivate over, you’d burn a business to the ground and fire every single person if it meant an extra 5% in IRR or a few more bps of carry. We are effectively leeches prospering off the hard work and ingenuity of others, as most wealthy people have been since the dawn of time. The way of the world is and always has been survival of the fittest. So don’t pretend you don’t know what we are doing or that what we do is noble. Stop pretending to be something you are not. We are in it for ourselves and our families, as is every successful person in any cutthroat industry. We are playing the zero-sum game and trying to win. If you want to be seen as good and noble and absolve yourself of guilt, go to the peace corps and go to the confession booth. But don’t lie to yourself about who you are, it’ll eat you alive.
Ngl this was pretty gay
The "Boogeyman" reputation comes from funds that are just financial engineers. They buy, they lever, they cut, they sell. That model is dying.The future of PE is operational value creation. It's about building better businesses, not just bigger spreadsheets. My fund's entire model is built on this - we have an in-house tech team that helps our companies grow.
I believe execution is the new capital.The best funds aren't just sources of capital; they are sources of expertise. If your fund isn't making the business better, you're just a glorified lender.
The only boogeyman we know of is John Wick
Did nobody here take economics ? Since when are operational improvements like generating the same output with less input (employees) or aligning pricing and quality to willingness to pay and reallocating investment elsewhere not good things ? There isn’t a lump of labor and giving people free stuff they don’t care enough to actually pay for isnt necessarily a good thing
But...as a consumer Private Equity kills everything. JoAnn's was essentially levered up and then killed by the weight of all the debt. As a former consumer of JoAnn's everything was chugging along until they were bought by Private Equity off the public market. Sure their corporate history was full of aggressive expansion, but they could have been saved by focusing on being more boutique and focusing on building the customer base. But PE decided it was best to liquidate. JoAnn's had bought out all the smaller fabric stores and now most people to have access to any fabric stores outside the Chicago, NYC, LA.
This is just one example of many. ....Portillos is another example.
There are increasingly many examples of PE making the society worse. It gets increasingly easy to point at those examples and blame PE.
That's the short answer.
I think we should all be a bit more honest here, and I say this as someone who is very pro-capitalism.
Efficiency, measured as margin improvement, is not synonymous with capitalism. The founder who builds a company from nothing is practicing capitalism. Much of modern private equity investing is not. There are many exceptions, but also in just as many cases, if not more, PE represents an asymmetric wager by the GP, powered by resume, pedigree and access with high barriers that insulate the model from true market discipline even as information becomes increasingly democratized for the retail investor, who are beginning to catch on. Consumers are still dumb but PE is not that complicated and consumers now have much more access to knowledge. For example, it’s not hard to believe that PE firm buys single family homes to make money not to make shit more efficient
A few random observations on why the industry’s capitalistic value add has been kinda eh to me recently:
In stressed scenarios, PE firms often move quickly to cut costs, attribute underperformance to operators, or trade long-term value for short-term survivability. While GPs do take risk, the downside is disproportionately absorbed by others: employees, management teams, LPs, and non-partner professionals, while management fee streams largely persist. When outcomes are strong, upside is shared; when outcomes are weak, the asymmetry becomes far more visible
Is there meaningful innovation happening at the portfolio-company level? Or are we redefining capitalism as margin optimization? Shifting revenue mix, raising prices, offshoring, financial engineering, and improving reporting discipline may improve efficiency, but they are not innovation in the traditional sense. The question is: efficiency for whom? Consumers rarely benefit, as efficiencies are almost never passed through. Capitalism to me is creating, pushing society forward, inventing, reimagining. In that sense, venture capital arguably represents a purer form of capitalism. You need PE for VC to exit to but I wish PE would keep some of that spirit alive versus focusing on creating regional, siloed, quasi monopolies with “strong moats and high barriers to entry”. Capitalism is the steam engine, science advancements, drug discoveries, the internet, cloud, etc, not increasing ARR, reducing R&D / marketing, leverage multiples, EBITDA add back definitions
The core issue is the fee structure. GPs can become extraordinarily wealthy even if they are mediocre—or worse—investors. A fund can be raised, fully deployed, levered aggressively, and ultimately fail, leaving bankrupt companies, job losses, impaired pensions, and reduced consumer choice—while the GP still walks away with generational wealth driven largely by fees. That is not capitalism disciplining capital allocators; it is the opposite. At a minimum, management fees should cover actual operating costs, not serve as a guaranteed wealth-creation mechanism.
The capital gains treatment of carry is worth scrutinizing. In most employee equity arrangements, taxes are paid on the value awarded. Carry functions differently. GPs are not contributing capital commensurate with the gains they realize, nor are they taxed on incentive compensation in the same way as other participants in the economy. That distinction matters.
can keep going but already random bullshit
None of this is to say PE is inherently bad. But the hostility toward the industry doesn’t come from ignorance—it comes from a growing recognition that the incentives are asymmetric, the risks are socialized downward, and the rewards remain privatized at the top. Capitalism works best when risk, reward, and accountability are aligned. Too often in PE, they simply aren’t.
I’m not really sure what most of this means. PE makes money through cost of capital efficiency, tax arb, optimizing price/quality architecture, operational efficiency, and sales growth. People are pissed about tax arb (fair), optimizing price/quality architecture (stupid), and operational efficiency (stupid). Operational efficiency is doing more or the same with less and is the definition of economic growth ie pushing out the production possibility frontier. Price/quality just means some founder was underpricing a product or giving way higher quality than people were willing to pay for - that’s literally inefficient. The producer isn’t making the surplus (in the form of profit) and people aren’t making a surplus (in the form of utility bc they don’t care enough to have paid for it). You’re better off cutting quality making a profit and investing it elsewhere
In part, PE is being propped up by a public pension system in US that is in itself unsustainble and apparently needs PE's promise of outperformance to continuing meeting (or promising to meet) its ever growing obligations. As public pensions reluctantly shift away from PE with its easy outperformance narrative (becoming less easy these days), retail dollars will start flooding in! halcyon days
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