Permanent Equity

I had this discussion with my cofounder a few months ago. Here is my word vomit take...

Neither of us personally see the point in selling assets unless we're offered a price far above market because debt is so cheap right now. Look at the delta between selling a portfolio company and a dividend recap...usually not worth selling if CAGR is good plus finding great places to park money is very hard right now. There are very few good deals floating around and given our focus on turnarounds, cash isn't really a problem as the assets we usually look at are relatively cheap b/c they are distressed.

The other point that's probably more applicable in traditional PE is that you end up doing a lot of objectively stupid shit to make fundraising easier. For example, selling a position early so you can post attractive IRR means changing the business you're invested in to focus on short term wins near the end of the fund's life. 

Some cool dynamics with an evergreen/permanent fund too...

For example you can lever the portfolio to acquire new assets or provide portfolio companies with capital for growth. This obv means a much better interest rate as DSR looks way way way better.