Private equity and credit are stuck.
Secondaries are cashing in.
> Fundraising is up 11% YoY
> Credit secondaries tripled in ‘25
> Record 14% of PE exits are continuation vehicles
Secondaries are the newest liquidity bandaid.
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92% of companies miss their EBITDA projections
Why?
• ~30% of EBITDA is just addbacks
• Synergies are notoriously hard to realize
• Lending standards have loosened
EBITDA is increasingly fictional.
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Most overlooked part of private equity: PortCo work.
IB analysts get blindsided by all the time spent on reporting, board decks, special projects, etc.
Running companies is hard. It's not just deal work.
@blueprintsmb22 Have noticed that with many MDs in finance. Have tons of millions in the bank and could easily retire.
But nothing (including family / friends / outside life ) gets them going quite as much as their work. They love the grind.