[andrewcamel]

Speaking as someone who came from PE, agree that higher rate environment means both better investment alternatives and also more expensive capital for LBOs. That said, the firms with fresh capital can make a ton of money buying into this environment. Zendesk being a great first example. Not a huge amount of debt required to do these types of deals. Liquidity going to hide under the figurative rock of fixed income means values get dragged down, which creates an incredible buying opportunity for all these PE funds. Look 5-7 years out, I'd guess 2022 and 2023 vintage funds will be some of the best in history.

[HealthNeed]

Forgive my ignorance, what is a vintage fund?

[tomfunk]

The year the fund started (e.g. a 2022 vintage fund is a fund that started in 2022) https://www.investopedia.com/terms/v/vintage_year.asp

[shostack]

Can you ELI10 this for someone not in the industry?