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Private Equity Multiples Are Going Up - What's the Problem?
I'm curious as multiples across everything in private equity have gone up over the last bunch of years. How do you think about the returns you could generate compared to the business might support the same debt load? But in the past, you might be paying a few turns less in enterprise value for the business. It's a great question again. And we spent a lot of time modeling it. The issue becomes when the businesses don't have those strong growth profiles or don’t have those strong talking M&A capabilities and that's when you start the issue.