Идеи
Higher rates favor fixed income over equities.
Any time interest rates go up, the attraction of equities goes down because investors can earn higher fixed-income yields with less risk and volatility; investors will migrate toward fixed income.
Higher rates favor fixed income over equities.
Any time interest rates go up, the attraction of equities goes down because investors can earn higher fixed-income yields with less risk and volatility; investors will migrate toward fixed income.
Higher rates hurt debt-financed private equity.
The 2020 and 2021 private equity deals paid high prices and then got hit by interest-rate increases, leaving those deals underperforming and causing PE firms to delay selling, so realizations and DPI are low and limited partners are complaining.
Public markets now beat private equity.
US buyout funds largely beat public markets from the 1990s through 2018, but that pattern has reversed since 2019 as big tech pushed public-market returns higher and boom-era private equity prices made exits harder; the S&P 500 is the clean public benchmark.
Public markets now beat private equity.
US buyout funds largely beat public markets from the 1990s through 2018, but that pattern has reversed since 2019 as big tech pushed public-market returns higher and boom-era private equity prices made exits harder; the S&P 500 is the clean public benchmark.
Operational PE beats leverage-driven PE now.
2022 was an inflection point: achieving the same private equity return now requires roughly 12% bottom-line growth instead of the old 5% growth plus leverage and multiple expansion, so investors will increasingly differentiate between managers focused on operational value add and AI application and those focused mainly on leverage and multiple expansion.
Operational PE beats leverage-driven PE now.
2022 was an inflection point: achieving the same private equity return now requires roughly 12% bottom-line growth instead of the old 5% growth plus leverage and multiple expansion, so investors will increasingly differentiate between managers focused on operational value add and AI application and those focused mainly on leverage and multiple expansion.
Investors shift to direct company investing.
Large investors are increasingly resisting traditional private equity fund fees, choosing to be more patient and pursue direct company investments, while PE funds respond with lower-fee co-investment opportunities to keep those investors.
Investors shift to direct company investing.
Large investors are increasingly resisting traditional private equity fund fees, choosing to be more patient and pursue direct company investments, while PE funds respond with lower-fee co-investment opportunities to keep those investors.
This Bloomberg Markets video, published August 16, 2026,
features Steve Rattner, Steven Kaplan, Andrew Weinberg, Jason Tyler
discussing Equities, TLT, PSP, SPY, US buyout funds, Operational value-add private equity managers, Leverage/multiple expansion private equity managers, Direct private company co-investments, Traditional private equity funds.
9 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Steve Rattner,
Steven Kaplan,
Andrew Weinberg,
Jason Tyler
· Tickers:
Equities,
TLT,
PSP,
SPY,
US buyout funds,
Operational value-add private equity managers,
Leverage/multiple expansion private equity managers,
Direct private company co-investments,
Traditional private equity funds
