Exits are way down

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Private equity’s mid-year report card includes many of the same headwinds and tailwinds we’ve discussed in the past. One big one stands out. According to our US PE Breakdown Report, to be released this Friday, PE-backed exits had a very slow first half. Timing often plays a role—the rush to get deals and exits done in the fourth quarter typically translates to a quiet first quarter, before things get ramped up again by the second half.