In a take-private, the leverage arrives after the headline
The premium paid for a public company is announced. The debt loaded onto it afterwards is not, and it is the part that decides what happens next.
Section
Private Equity
The exit drought, the fee engine, and what happens to assets held past their plan.
The fee engine outlived the returns
Private equity's economics were built on carried interest. They increasingly run on management fees, and the two point managers in different directions.