After 08, the industry was flush with cash and acquisition valuations were lower, so they didn't really need to obtain cash from loans for the acquisitions (whi

After 08, the industry was flush with cash and acquisition valuations were lower, so they didn't really need to obtain cash from loans for the acquisitions (which is the LBO model, where you put less upfront cash from your AUM). The low interest rate environment could have been utilized by PEs like you mentioned, but there were other industries where the same play book could be used for much higher returns - like real estate, tech acquisitions, etc. Why bother with a leveraged buyout of a family owned business for 10% returns when a debt-fuelled real estate purchase will give you 25-30%?