Investors ‘on Drugs’ as Low Rates Fuel Prices, Stahlberg Says

Near-zero rates have fueled high prices globally across equity and debt markets. While private equity investors have seized on soaring markets to offload holdings and distribute hundreds of billions of dollars to clients in recent years, they now find themselves in a difficult position to deploy record levels of dry powder. And when they do, they’ve been paying for companies at record multiples of cash flow, according to Bain & Company.