Dry Powder: The Private Equity Podcast
Dealmaking activity has been depressed for 12 months now, ever since the Fed started levering up interest rates last June, but Steve Pagliuca, the longtime chairman and now senior adviser at Bain Capital, seems to be largely unfazed by the climate of economic uncertainty.
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“You have to remember, in your career and my career, probably 80% of that time we had T-bills at between 4.5% and 5.5%,” Steve explained to me on the latest episode of Dry Powder. “No one was saying that was horrible, and no one was saying that the private equity industry is dead. In fact, it boomed.”
Today on Dry Powder, I ask Steve when the private equity industry will finally get back to dealmaking at scale. We’ll explore strategies for fund-raising in a capital-constrained environment, and we’ll also discuss whether the classic buyout model is still relevant in today’s landscape.
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 août 2023