When I first outlined my view on a shift to a pro-labour world, I saw private equity as a structural short. One of my favourites places to short were companies recently listed by private equity firms. They were almost always starved of capital investment, and typically laden with debt. I saw the rise of interest rates, pressure on capital markets and reduced exits as kryptonite to these businesses. While they were weak in 2022, like broader markets, they have bounced in 2023.
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