The next phase is logically the profitable growth phase - honestly, it's one of the most exciting phases for both the PE firm and the employees of the companies

The next phase is logically the profitable growth phase - honestly, it's one of the most exciting phases for both the PE firm and the employees of the companies. I don't see that happening to any company in tech or in the startup space these days. I do see that phase in a number of traditional family-owned enterprises employing hundreds or thousands of employees though, but VCs and PEs aren't looking there for the most part (regional PEs are looking at them and finding a lot of success though).