Matt Wolf

this global going from 100,000 feet down to 10,000 feet, but really looking at the interplay of the global financial uncertainty, what that means for rates in the U.S., and how that's playing out in real time as sponsors evaluate add-on acquisitions versus de novo.

this global going from 100,000 feet down to 10,000 feet, but really looking at the interplay of the global financial uncertainty, what that means for rates in the U.S., and how that's playing out in real time as sponsors evaluate add-on acquisitions versus de novo.

And this is going to have effects on the wealth transfer, the so-called silver tsunami in the U.S., and it's really – there's a lot going on, and it's a very – Very interesting time, I guess, to be a private equity sponsor trying to navigate all of this.

And this is going to have effects on the wealth transfer, the so-called silver tsunami in the U.S., and it's really – there's a lot going on, and it's a very – Very interesting time, I guess, to be a private equity sponsor trying to navigate all of this.

And this is going to have effects on the wealth transfer, the so-called silver tsunami in the U.S., and it's really – there's a lot going on, and it's a very – Very interesting time, I guess, to be a private equity sponsor trying to navigate all of this.

Absolutely. And we're seeing that in the way that new platforms are financed, right? I mean, lower leverage, bigger equity checks, not only because of more restrictive debt covenants, but a de novo growth strategy almost by definition is Except for some industries, right? Certain industries, certain sectors, de novo growth can still require huge capital up front.

Absolutely. And we're seeing that in the way that new platforms are financed, right? I mean, lower leverage, bigger equity checks, not only because of more restrictive debt covenants, but a de novo growth strategy almost by definition is Except for some industries, right? Certain industries, certain sectors, de novo growth can still require huge capital up front.

Absolutely. And we're seeing that in the way that new platforms are financed, right? I mean, lower leverage, bigger equity checks, not only because of more restrictive debt covenants, but a de novo growth strategy almost by definition is Except for some industries, right? Certain industries, certain sectors, de novo growth can still require huge capital up front.

But for many industries, it really doesn't, right? It's a slower play of capital over time. You don't need to lever up as much. So we're seeing that sort of debt discipline manifest itself.

But for many industries, it really doesn't, right? It's a slower play of capital over time. You don't need to lever up as much. So we're seeing that sort of debt discipline manifest itself.

But for many industries, it really doesn't, right? It's a slower play of capital over time. You don't need to lever up as much. So we're seeing that sort of debt discipline manifest itself.

there too so it's changing the way i'm talking to bankers the way they look at deals the way they underwrite deals the way they think about deals it really is a a fundamental change and then you know everybody that's sort of playing down from the big question of you know how sustainable is a a six percent of gdp fiscal deficit in the us and what does that mean going forward not not just for this whole period but for the next fund and the fund after that what what does that mean as we look down

there too so it's changing the way i'm talking to bankers the way they look at deals the way they underwrite deals the way they think about deals it really is a a fundamental change and then you know everybody that's sort of playing down from the big question of you know how sustainable is a a six percent of gdp fiscal deficit in the us and what does that mean going forward not not just for this whole period but for the next fund and the fund after that what what does that mean as we look down

there too so it's changing the way i'm talking to bankers the way they look at deals the way they underwrite deals the way they think about deals it really is a a fundamental change and then you know everybody that's sort of playing down from the big question of you know how sustainable is a a six percent of gdp fiscal deficit in the us and what does that mean going forward not not just for this whole period but for the next fund and the fund after that what what does that mean as we look down

down 5, 10, 20 years in the future.

down 5, 10, 20 years in the future.

down 5, 10, 20 years in the future.

That's exactly right. I mean, not only a recession, it's also politically unpopular to pay down the debt. And, you know, we've seen through history that a six percent fiscal deficit happens. Right. But it doesn't. Often, or maybe even ever, or very rarely, I'll say, happen when we're essentially at full employment. So where is the growth going to come from? What is the growth story?

That's exactly right. I mean, not only a recession, it's also politically unpopular to pay down the debt. And, you know, we've seen through history that a six percent fiscal deficit happens. Right. But it doesn't. Often, or maybe even ever, or very rarely, I'll say, happen when we're essentially at full employment. So where is the growth going to come from? What is the growth story?

That's exactly right. I mean, not only a recession, it's also politically unpopular to pay down the debt. And, you know, we've seen through history that a six percent fiscal deficit happens. Right. But it doesn't. Often, or maybe even ever, or very rarely, I'll say, happen when we're essentially at full employment. So where is the growth going to come from? What is the growth story?