Let’s say the quiet part out loud…
Public equity has CRUSHED private equity over the last three years.
Public markets repriced quickly, recovered quickly, and RETURNED CAPITAL.
Private markets repriced slowly – and then STOPPED DISTRIBUTING.
LPs don’t live on IRRs. They live on DPI (distributions to paid-in capital), the only return metric that actually sends cash back.
The real divide was OPTIONALITY.
Public investors could act.
Private investors could wait.
And in a rising-rate, volatile world, waiting turned out to be expensive.
That doesn’t mean private equity is broken.
It means illiquidity FINALLY got priced.
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