> The private equity industry -- excluding VC, which represents a tiny share of total capital raised -- relies extensively on leveraged buyouts (LBOs), i.e., borrowing to juice returns.
In 2021, buyout was ~30% PE funds raised, VC was ~10%, growth was ~10%. “Tiny” is not true anymore. https://www.bain.com/insights/private-equity-market-in-2021-...