2026 Outlook for PE

With one week to go before 2026 and as we prepare for the new year, here are a few notes on Investment Outlook and how it will affect our PE industry and market dynamics. Generally, deal activity is likely to accelerate and the deal dam may be breaking in 2026…  Read More >

The Great PE Shakeout Has Begun

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 >

The New Era of PE: The GTM & Operating Alpha Imperative

PE Returns to First Principles: The Operating Alpha Imperative The old PE playbook is dead (especially from the 2010-2022 era).  Over that period, roughly two-thirds of PE value creation came from leverage and multiple expansion. That’s not alpha. That’s beta dressed up in carry. With rates normalized, the math no longer…  Read More >

The AI Bubble Debate – Consider These Patterns Across Two Centuries

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 PE Portfolio Ops Team for Revenue & EBITDA Growth

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 >

Measuring the Impact of a PE Operating Partner

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 >

The Future of SaaS in the AI Era

In the age of AI, traditional Software/SaaS are at risk and many experts are suggesting that many traditional SaaS companies will die.  However, I don’t think that SaaS is going to get fully replaced by AI agents and AI workflows. There will be a transformation and an evolution of what…  Read More >

PE – 2025 Mid Year Update

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 >

GTM Alpha: Getting an Edge in PE

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 >