Private equity firms will need to accept lower valuations and adapt to a fundamentally different interest rate environment following years of distortion from ultra-low borrowing costs, according to a report by Bloomberg citing comments Apollo Global Management co-president Scott Kleinman.
In an interview with Bloomberg Television, Kleinman said the industry “lost its way a little bit” during the prolonged era of near-zero interest rates, when capital costs masked valuation risk and allowed aggre...
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