Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
The Rabid Capitalist previously warned that private equity faced headwinds that would damage returns greatly (see https://therabidcapitalist.com/2025/06/13/private-equity-sets-capital-destruction-record/). Private equity funds have been dragged out to sea, drowning in illiquidity and losses, helpless to head to shore where exits, distributions and attractive returns enjoy time at the beach. The first half of 2025 has not provided any relief from the disappointments of 2024. The bad news in private equity will benefit private credit and our business development companies (“BDC”) as portfolio company refinancing needs grow.
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