Michelle Celarier The PE Glut: a ‘Towering’ $3.6TR of Value Is Locked in 29,000 Unsold Companies Private equity is facing the reality of too much dry powder, too few exits, sinking distributions, and fee compression. Michelle Celarier March 27, 2025 A businessman looking up at a door with a chain and padlock on it, while holding the key in his hands. DNY59/Getty Images