What do you all think lies in store for PE over the next 5-10 years? Especially given record levels of dry powder + fewer truly good opportunities + more expensive debt?
Have heard industry consolidation (PE firms buying out one another), sector specialization and other elements may be more common, but curious to hear other thoughts

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Market crashes are incredible times to make good investments for the firms with the fortitude, creativity and courage to deploy capital in good opportunities. Lots of people will become very rich in the next 5-10 years.

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Sad but true. Everyone appears to be sitting around, waiting for the other guy to capitulate.

The firms that have raised and not yet deployed large funds are going to have outrageous performance if they pick winners. The ones that have already deployed a decent chunk are going to feel some pain, unfortunately

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Significant return compression for starters, which leads to contraction in liquidity, and so forth

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There is a huge hole for private capital to fill right now that capital markets are broken and, as others have stated, people will make their careers over the next few years.

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There will be winners and losers.
Some of the funds that have been riding the wave of cash flowing into PE while performing bottom third will get washed out as they won’t be able to raise new funds.

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Not even bottom third. I would be provocative that anyone not top quartile will have issues.

There is tremendous scale in PE, so it’s very easy for LPs to switch funds if they want.

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