Ryan Miller
speaker
4,581 appearances
12 recordings
2 series
first heard Mar 2026
last heard 10 Aug
Ryan Miller’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 12 in all, peaking in Jul 2026 with 4.
Appearances
That is the question you have to ask as a general partner.
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And that is a completely different question, and it has a completely different answer.
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Now, corporate credit isn't the only place with a calendar.
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And there is one force seller in this market who is already at the table right now in size, and the recession content completely ignores it.
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The investors, the LPs.
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Let's look at the data because this is where the actual distress lives with twenty twenty six.
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Private equity has now come off a four year stretch of record low distributions as a percentage of NAV.
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Four straight years.
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That means for four years, investors have been sending capital in and getting very little out.
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The industry is sitting on roughly 33,000 unsold portfolio companies right now.
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The number of portfolio companies held longer than five years is up 18% versus 2024.
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You see how the data
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Matters.
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The average age of a holding went from 3.7 years at the end of 2024 to 4.0 years by the end of 25.
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And the implied holding period for PE assets is now running around seven years, well beyond the historical note.
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Do you understand what that describes?
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That is a giant industry-wide traffic jam.
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The exit door narrowed, the assets kept aging, and the cash stops coming back.
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back.
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And an investor who isn't getting distributions still has capital calls to fund, still has target allocations, still has a board asking why the private book is over its policy weight.
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Showing 221–240 of 4,581 · page 12 of 230
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