When will PE industry start consolidating?

It's ridiculous how oversaturated this space is nowadays, there's like 20-25 firms who raised ~20bn or more for their latest flagship, along with hundreds of not thousands of UMM/MM firms all over the place. There is no way there's nearly enough UMM/MF sized targets to go around. When are we going to see firms dying off or getting acquired/rolled up by bigger ones?

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Also the main problem is that the prestige of PE is also being massively diluted, when there's like 20 firms with 20bn+ latest fund, a staggering amount of dumb kids can now delude themselves into thinking they're at a MF, along with the dozens of UMM kids who also think they're at a MF. It's hard nowadays to distinguish between true MFs (Warburg/APO/KKR/BX/H&F) and the pretenders (any upstart with a 20bn flagship)

 

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