Dry Powder: The Private Equity Podcast
Today on Dry Powder, my guest is David Andrews, founder and co-CEO of Gryphon Investors and one of those industry veterans who have a deep and visceral understanding of private equity’s cyclical nature.
You can listen to this episode of Dry Powder and catch future episodes by subscribing on Apple Podcasts, Google Podcasts, Spotify, or wherever you may listen.
In the summer of 2022, David suspected that the industry was headed for a cycle unlike anything he had seen before. “In August, I wrote in an email to our LPs that we believed we were about to enter one of the harshest cycles in private equity history,” David remembers. He recommended an advisory board meeting “to discuss this openly and why we should not plan on a normal fund-raise next year.”
As he recalls, “About half the LPs pushed back in writing to me: ‘What are you talking about?’”
In this episode, David explains what he spotted early on, taking us inside the hard conversations and strategic course corrections that have defined the past few years. He’s strikingly candid about what he got right, what he wishes he’d done differently, and when he thinks this unprecedented cycle may finally break.
The Private Equity Podcast
In our podcast series, Bain's Hugh MacArthur interviews leading experts on the trends and opportunities that will redefine the private equity industry.
First published in Februar 2026