The Sweet Spot for Growth in Private Equity

I think private market valuations are driven to a large degree by what's going on in the public markets. So if your alternative as a company is to go public at a given price, you're probably not going to sell it to a private equity firm at a much lower price. That's why as an investor, I'm much happier today because we're able to buy things more cheaply. And the financing, the cost of financing in the quantum isn't the biggest driver of our returns. We bought Hilton in June of 2007. The last $30 billion deal we did, we bought Medline in 2021. It was very hard for us to assemble much more than a $5 billion equity check