Lloyd Metz (Partner, ICV Partners), Doug McCormick (Managing Partner, HCI Equity Partners), and Sean Mooney (Founder & CEO, BluWave) assess the private equity landscape heading into 2026. They unpack the pressure to return capital, the realities of longer hold periods, and why growth—not multiple expansion—is now the primary driver of returns. The conversation also explores the accelerating impact of AI on dealmaking, operations, and portfolio company performance. This is a clear-eyed view of where private equity is headed next—hit play.Episode Highlights2:00 - Liquidity pressure builds as distributions lag across the industry6:01 - Why market volatility stalled deal activity despite early momentum10:29 - Surge in diligence activity signals a delayed but real deal rebound12:02 - “12 is the new 5”: growth expectations reset for private equity returns17:46 - Shift toward add-ons and operational upgrades across portfolios23:09 - Manufacturing resurgence and reshoring create new investment themes38:18 - AI moves from concept to execution across firms and portfolio companiesFor more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

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