It says between the lines that some PE investors are getting worried about high valuations vs the real value of underlying assets and slowly start withdrawing m

It says between the lines that some PE investors are getting worried about high valuations vs the real value of underlying assets and slowly start withdrawing money. Which is smart as markets come to the realization that PE's had been creating wealth by trading assets among themselves at articficial, ever higher valuations and now - with higher cost of money - could face reality check. Slowly first then suddenly. For example I have purchased a dog for a million dollars last year and today I have exchanged that with PE for two cats valued at milion dollars each. So we both now have on our books assets that are valued at two million dollars. Which is great only as long as there is someone who wants to buy my cats and PE's dog at four million dollars next year. --- > This complicates true price discovery. Public markets, while not flawless, tend to be a stricter test of fair valuations. The private equity industry deserves credit for finding continuous ways to bypass the issue and keep their fee stream running. Private equity: financial engineering prevents valuation check - https://www.ft.com/content/d6891146-f8ff-4c26-83e3-739e7793d0e4 https://www.ft.com/content/d6891146-f8ff-4c26-83e3-739e7793d... > The firms that used the era of cheap money to become the new financial titans are wrestling with rising interest costs > “Many of the reasons these guys outperformed had nothing to do with skill,” says Patrick Dwyer, a managing director at NewEdge Wealth, an advisory firm whose clients invest in private equity funds. “Borrowing costs were cheap and the liquidity was there. Now, it’s not there,” he adds. “Private equity is going to have a really hard time for a while . . . The wind is blowing in your face today, not at your back.” Private equity: higher rates start to pummel dealmakers - https://www.ft.com/content/8b4a5df6-7f6d-480f-8d20-55793854c37e https://www.ft.com/content/8b4a5df6-7f6d-480f-8d20-55793854c...