Illiquid Insights

Analyzing private equity, private credit & institutional capital. Join the weekly email list!

[Illiquid Insights @IlliquidInsight]

@paulswaney3 You don’t want to be an execution monkey.

[Illiquid Insights @IlliquidInsight]

Most investment bankers flame out at analyst or right before MD.

You either can’t handle the lifestyle, or can’t bring in deals.

[Illiquid Insights @IlliquidInsight]

@SteelToeScribe I say nature.

[Illiquid Insights @IlliquidInsight]

@AmitMDproactive 💯

You realize really quickly the job isn’t nearly as cool as it sounds

[Illiquid Insights @IlliquidInsight]

@kslowinski True. Lots of opportunity. Also a lot of low quality assets that were overlevered during ‘21.

[Illiquid Insights @IlliquidInsight]

Software buyouts have tanked, as PE rotates into hard assets and services businesses.

[Illiquid Insights @IlliquidInsight]

@Will_Schryver Much appreciated

[Illiquid Insights @IlliquidInsight]

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.

Get the full primer ⬇️

[Illiquid Insights @IlliquidInsight]

@verdadcap No wonder there is so much trouble with exits these days.

[Illiquid Insights @IlliquidInsight]

@MatthewSchrager Ha 💀

[Illiquid Insights @IlliquidInsight]

@tieyournumbers I hate to be the bearer of bad news.

[Illiquid Insights @IlliquidInsight]

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.

Get tomorrow’s full post ⬇️

[Illiquid Insights @IlliquidInsight]

https://t.co/6zdw1ot4VY

[Illiquid Insights @IlliquidInsight]

@pvtcreditguy Crazy how fast the markets change.

PE and PC were on top of the world for like a decade. Now everyone is jumping ship.

[Illiquid Insights @IlliquidInsight]

@OpinionSV00 Agreed. It's a good skillset to have.

[Illiquid Insights @IlliquidInsight]

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.

[Illiquid Insights @IlliquidInsight]

@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.

[Illiquid Insights @IlliquidInsight]

@nhryanhickey Agreed, a lot of lenders and investors take these adjustments at face value

[Illiquid Insights @IlliquidInsight]

92% of LBO targets miss EBITDA projections in year one, per S&P.

EBITDA addbacks have become massively inflated.