Bloomberg reported that private equity underwriters are monetizing affiliates in a tenuous market. The story contradicted some basic PEU tenets.
Why would PE firms need to return capital to investors? Because many made capital calls, i.e. asked for committed capital from those investors over the last year. Limited partners don't want the money flows to be only one way (from them to the PEU).
Update 7-11-23: GTCR co-CEO Collin Roche noted the financial squeeze being put on many PEU affiliates. He didn't offer to relieve the pressure by waiving annual management fees charged by PEU sponsors.
Update 8-6-23: NYT ran a story titled "The Risks Hidden in Public Pension Funds" and private equity's risks are significantly understated. The story noted PEUs are "speculative and arcane asset structures with high fees, heavy debt loads and light regulation."