Bain Capital's Macro Environment in 2022

The average deal is leveraged between 50 and 60%, 95%. So the industry is a lot more conservative in terms of equity cushion. The loans now are low-coven or no-covenant. That actually is a benefit because in the old days, in the 80s, if you technically violated a covenant, but the business was doing great, a bank would take it over. And so we have a very diversified portfolio and high screen. We're in pretty good shape.