While SPACs continue to pay big bucks, Brenda Rainey, managing director at Bain & Co., considers them as additional players in the deal market as opposed to competition to PE. “SPACs won’t displace PE deals; they are not always competing for the same players [targets],” she said.

To the extent investors can prepare for a possible market correction – be it inflation or tax changes that drives it – PE will prove to be resilient, Rainey said.