Illiquid Insights @IlliquidInsight
Analyzing private equity, private credit & institutional capital. Join the weekly email list! illiquidinsights.com Joined January 2025-
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@MrBDelany @verdadcap Lenders have become very generous about what can be added back, as they compete to deploy
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EBITDA is inflated. 6.0x leverage today is very different than a decade ago.
@CPDDOUGH Ive seen the same. A lot of negative growth that becomes flat through addbacks
@Rebelshin Addbacks. The definition of “nonrecurring” has become very generous over the last several years.
Median PE deal size is up 30% in ‘26. Deal count is the lowest since ‘21. Private equity is dominated by megadeals right now.
@Sammy_KGB Yep, it’s definitely not a role for most people. It’s not a fun job.
Most investment bankers flame out at analyst or right before MD. You either can’t handle the lifestyle, or can’t bring in deals.
@lalitchan Yes, see a ton of people take this route. They have a good amount of savings and can pivot to something more sustainable.
@IM_Aeneas Haha, agree. Absolutely brutal job.
@SteelToeScribe For investment banking, have noticed a different problem. If you aren’t at one of the big banks, it’s much harder to do BD. You won’t have the name brand, capabilities to back you up with clients.
@Rebelshin Think they’ll keep going up. They’re booming on the PE side, and credit is facing the exact same problem.
Private credit is rotating. Direct lending fundraising is down ~25%. Opportunistic, asset-backed and secondaries are all growing.
@MatthewDundon Very true. The turnover drops massively after analyst years.
@AsAllocated Yes, analyst is the lifestyle part. MD is the revenue.
@paulswaney3 You don’t want to be an execution monkey.
@SteelToeScribe I say nature.
@AmitMDproactive 💯 You realize really quickly the job isn’t nearly as cool as it sounds
@kslowinski True. Lots of opportunity. Also a lot of low quality assets that were overlevered during ‘21.
Software buyouts have tanked, as PE rotates into hard assets and services businesses.
@Will_Schryver Much appreciated
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 ⬇️
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