Lev Fin over the next few years (recession)?

How do you think the Lev Fin groups will fare in 2020-2022/23? Obviously we don't know what will happen w/ COVID, but I think it's reasonable to say that a widespread vaccine will be developed by early 2021 & there will be a widespread recession over the next couple years. From a few conversations I've had, I get the feeling that some PE firms seem to be sitting on a bunch of dry powder but are hesitant to pick up new LBOs in the short term. In the meantime, these firms are focusing their time on liquidity solutions & other measures for their portfolio companies that are running out of cash. What do you think?

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