The Impact of the Fed Tightening on Private Equity

I think that private equity is going to have a much, much harder time over the next 10, 20 years than it's had over the last 10, 20, 30 years. And we start off from a position that many of the private funds haven't properly marked a market. But for the most part, private equity on the whole gives you leveraged public equity returns over time. They are slightly riskier maybe, but you don't see those risks on a daily basis like you do with your public equities.