Deals (w/e 6/12/26)

The Eight-Year Hold: Private Equity's $4 Trillion Backlog Is Now an Operating Problem

The deal was underwritten for five years. The company is still here in year eight. Almost nobody planned for the difference.

Every PE conference is the same conversation in a different hotel.

PE is full of buyers pretending to be builders.

Reference calls kill deals more quietly than diligence ever will.

The home services arbitrage is still alive.

"Proprietary deal flow" often means the banker started with you for a reason.

Five firms. Five strategies. One trillion-dollar identity crisis.

Lifestyle (w/e 6/5/26)

News (w/e 6/5/26)

Deals (w/e 6/5/26)

PE says it wants operators. The incentives say otherwise.