Dry Powder: The Private Equity Podcast
If you follow me on LinkedIn, you’ve probably seen a few of my musings on the state of the private equity industry. One post from earlier this year struck a particular nerve. Titled “It’s Time to Clean Out the PE Attic,” it began with this observation: “There’s a musty corner in every LP’s private equity portfolio—a collection of tail-end buyout funds that quietly aged past their prime.” That post went somewhat viral nearly five months ago, and the question I’d ask today is whether the attic has gotten any cleaner.
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.
Today on Dry Powder, we’ll strip away the emotions around tariffs and examine the underlying market data. I’ll also discuss whether 2026 could mark a return to exits and dealmaking at scale.
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.
Published in December 2025