麦肯锡：2024年弥合私募股权的价值创造差距报告（英文版）

For the past 40 years or so, private equity (PE) buyout managers largely invested capital in an environment of declining interest rates and escalating asset prices. During that period, they were able to rely on financial leverage, enhanced tax and debt structures, and increasing valuations on high-quality assets to generate outsize returns for investors and create value. Times have changed, however. Since 2020, the cost of debt has increased and liquidity in debt markets is harder to access g