Private equity firms once had a script, of sorts. Buy an asset, load it up with debt, fix it and then flip it. But in recent years, weak M&A markets and soldered IPO windows have plugged the exit — leaving trillions of unsold assets weighing down private equity portfolios.
私募股權公司曾經有過某種劇本。購買一項資產，大量舉債，理順業務，然后轉手。但近年來，疲弱的并購市場和焊死的首次公開發行(IPO)窗口堵住了退出渠道，造成數萬億美元的未售出資產拖累著私募股權資產組合。
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