PE has done so many value destroying LBOs. Why do some of those funds still exist and can still successfully raise funds? Any chance a PE fund can default?

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(1) Because returns are measured at the portfolio level. You can blow up a portfolio company and still generate a positive IRR in aggregate (because the Fund holds many investments).
(2) The debt is held at the portfolio company level, so it would be incredibly unlikely for a default to occur at the Fund level. Look up the Cerberus Chrysler deal for a good case study on what happens when a massive portfolio investment goes bankrupt.

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We’re exiting a decade of the lowest interest rates in the history of the universe. Would refrain from saying impossible to fail.

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Thanks GS1. Feels like golden age of PE. Impossible to fail and no fee compression.

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