For more than a decade, private equity benefited from a tailwind of low interest rates, cheaper leverage and expanding valuation multiples. According to Gabriel Ng, that environment has changed, and so has the private equity playbook.

In this episode of the Portfolio Construction Podcast, Paul O'Connor sits down with Gabriel to explore what's driving private equity returns in today's market. They discuss:

• Why private equity managers may need to rely more on growth and operational improvements to drive returns
• How operational improvement and strategic acquisitions can create value
• How secondaries and continuation funds are helping navigate a slower exit environment
• How a more challenging fundraising environment is reshaping capital flows and driving consolidation across the industry.
• Why manager selection matters more in a market with wider dispersion of outcomes

The views discussed are those of the speaker and are subject to change. Future outcomes are uncertain and not guaranteed.