Private Equity assets grew 7x after the 2018 Financial Crisis (circa 2020)
Driven by desire for higher returns and lower volatility (thanks to infrequent asset valuations vs. public market real-time valuation)
Resulted in private equity firms being more competitive and paying higher prices
Debt levels have increased (higher EBITDA multiples) & loan covenants have decreased
Banks have limited loans (too risky with high ration). Private debt markets have taken over
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