If you follow me on LinkedIn, you’ve probably seen some of my weekly musings on the state of the private equity industry. One post from earlier this year struck a particular nerve. Titled “It’s Time to Clean Out the PE Attic,” it began with this observation: “There’s a musty corner in every LP’s private equity portfolio—a collection of tail-end buyout funds that quietly aged past their prime.” That post went somewhat viral nearly five months ago, and the question I’d ask today is whether the attic has gotten any cleaner.

Today on Dry Powder, we’ll strip away the emotions around tariffs and examine the underlying market data. I’ll also discuss whether 2026 could mark a return to exits and dealmaking at scale.