The end of easy return is over

For a decade, private equity returns leaned on cheap debt, rising multiples, and a quick exit. All three have quietly faded, and assets are now being held longer than ever.

When you can’t rely on the market for your return and you can’t sell on schedule, value has to come from somewhere else: how well the business actually runs while you hold it. That’s where a lot of portfolios quietly lose ground, not in the original thesis, but in the execution.