Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
In 2023, the Rabid Capitalist reported that private equity had been wandering through a desert devoid of exits. Liquidity events, the sale or IPO of portfolio companies, have collapsed by more than eighty percent from the peak in 2021. During this decline, funds have had to rely on estimates of portfolio company value to an unusually high degree, raising doubts about actual fund net asset value and returns. Today, there is a more pressing problem: the limited partners’ growing need for cash distributions.
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