Dry Powder: The Private Equity Podcast

Bain’s leading macroeconomic expert examines the cracks beneath the surface of the US market and how investors should prepare for post-globalization realities.

If you follow me on LinkedIn, you’ve probably seen some of my weekly musings on the state of the private equity industry. One post from earlier this year struck a particular nerve. Titled “It’s Time to Clean Out the PE Attic,” it began with this observation: “There’s a musty corner in every LP’s private equity portfolio—a collection of tail-end buyout funds that quietly aged past their prime.” That post went somewhat viral nearly five months ago, and the question I’d ask today is whether the attic has gotten any cleaner.Today on Dry Powder, we’ll strip away the emotions around tariffs and examine the underlying market data. I’ll also discuss whether 2026 could mark a return to exits and dealmaking at scale.

In part two of our interview series, we explore how TA hits the ground running on value creation.

How does TA find the time — and the manpower — to sift through 40,000 companies a year?

In part two of our interview series with Kristin Olson, Global Head of Alternatives for Wealth at Goldman Sachs, we consider how Goldman Sachs is positioning itself for scale and just how far the industry is from truly democratizing private markets.