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PitchBook calls it headwinds. A dozen states call it the law.
PitchBook blames rates and utilisation. Its sharpest number is a 36% collapse in the one structure a dozen states just legislated against.
Brookfield's $12.5 billion of carry has spent years almost arriving.
Brookfield's release is headlined 15% earnings growth. Consolidated net income fell 33%. Between the two sits $12.5 billion of unrealised carry, of which the firm converted $121 million after selling $40 billion of assets.
What Is a Digital Maturity Assessment?
A structured diagnostic that scores how a company uses digital channels, data and technology to generate revenue, and turns the score into a ranked, costed investment list. What it covers, what the output should be, and why most of them change nothing.
The Ice Cube Test
Sponsored by Crawford McMillan Every investment committee evaluating software right now is pricing a risk none of them has ever measured. Q2 made that expensive. Software deal value fell 65.7% year over year, per PitchBook's Q2 US PE Breakdown, not because buyers think every legacy software business
After thirteen years, Providence exits ATG to a buyer who never has to sell.
Providence bought ATG in 2013 promising global expansion, and sold it on Tuesday at a reported $6 billion. Thirteen years is not a hold period, it is a tenancy.
Apollo's biggest sports investment is a $2.6 billion loan to the Yankees.
The Yankees raised $2.6 billion from Apollo without selling control, four months before baseball's expected lockout. The press release calls it a partnership. The proceeds line calls it a refinancing.
Every year you sit on committed capital, your IRR math gets worse.
Every partner went to the same five schools and worked at the same three banks.
Increasingly, the most honest question in private equity.
The AI discussion in most PE board meetings follows the same script.
Same disruption. Four very different panic responses.
The biggest risk in private equity isn't leverage. It's believing the story you wanted to hear.
