What's the future of private equity?

I know there's been massive inflows of capital into PE in the past decade, do you think that will keep up for the foreseeable future (10 yrs down the line) or have we hit peak demand for PE from institutional investors? If/when we reach peak demand, will that result in fee compression?

What would happen to PE returns if interest rates continue to increase? Will returns shrink or would subsequent multiple compression provide some buffer to help prop up returns in the long run?

Preface - I don't work in the industry but am just genuinely curious to hear everyone's thoughts on this. Any and all thoughts are welcome, please keep this to cordial academic discussion.

 

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