PE Alpha

The fundraising environment has become challenging. Fund closes are hitting multi-year lows and first-time funds are barely getting off the ground. Middle-market firms are struggling while mega-funds vacuum up the lion’s share of LP commitments. But most of the headlines miss the real story. Capital Is Concentrating, Not Disappearing LPs…  Read More >

December 2025 In a few weeks, we will be entering 2026 with a global economy that is structurally resilient. It will be volatile but growth will be positive, inflation will be moderating and the cost of capital will be declining. And AI will be rewriting the operating assumptions for nearly…  Read More >

The AI bubble debate misses a fundamental point: bubbles are endemic to technological revolutions, and that’s not necessarily a bad thing. Consider the pattern across two centuries of infrastructure buildouts: Canals (1790s-1830s): Canal mania saw massive capital inflows, most canal companies failed financially, yet transport costs fell 90% and enabled…  Read More >

Designing the Modern Value Creation Team: Built for Profitable, Capital-Efficient Growth In buyouts, value creation now depends on one thing above all: driving profitable, capital-efficient revenue growth that translates directly into higher EBITDA and margin expansion. That mission defines how a private equity firm should design its Strategic Portfolio Ops…  Read More >

This is from discussions at Private Equity International 2025 – measuring the impact of a PE Operating Partner comes down to how they create tangible equity value creation across the portfolio. Their impact can be seen in three dimensions: advising portfolio management teams, enabling EBITDA growth, and directly creating EBITDA…  Read More >

Note: insights synthesized from KKR & Bain Mid-Year Reports, and PitchBook   Key Macro Implications for PE Rate Regime Reset: The “4% world” is here to stay—meaning higher baseline rates for Fed Funds, inflation, and bond yields. There’s no going back to ZIRP. As a result, capital has a real…  Read More >

Over the past two decades, operational improvements have become a well-trodden path. Many PE firms—especially in the upper middle market—have built internal teams to drive cost takeout, system upgrades, and operational rigor. While still important, this playbook is no longer differentiated. What remains rare, and increasingly valuable, is true go-to-market…  Read More >

PE Winning Formula is both: a) GTM Excellence + b) Operational Discipline To succeed, PE firms must now differentiate through genuine value creation, as they face intense competition, longer holding periods, and high-interest rates that limit leverage. Firms must focus on both GTM improvements and operational improvements within portfolio companies…  Read More >