‘Everything Is Not Going to Be OK’ in PE, Kleinman Says (2)

The private equity industry must face up to the reality of lower valuations, according to Apollo Global Management Inc.’s Scott Kleinman.

“I’m here to tell you everything is not going to be ok,” the Apollo co-president said in a session at the SuperReturn International conference in Berlin on Wednesday. “The types of PE returns it enjoyed for many years, you know, up to 2022, you’re not going to see that until the pig moves through the python. And that is just the reality of where we are.”

Private equity firms didn’t take significant markdowns during the recent period of ...