As 2020 began, private-equity (PE) firms believed a downturn was likely in the offing, but they weren’t certain when it would come or what might trigger it, according to Peter Witte of EY in Chicago. Although they were primed for change, “nobody expected what has happened in the last few months,” he said.
The traditional value drivers of PE portfolio companies include fundamentals like company performance, access to capital, the market environment, customer base, and management and human capital. As