Everyone's watching SpaceX (https://www.cnbc.com/2026/06/23/spacex-debt-bond-market-ipo.html) while pretending IPO windows stay open forever. But the real execution crisis is happening in private markets: PE firms have | implausible insider figure, original data unavailable]+ in dry powder globally, yet fund deployment windows are compressing. When capital can't find homes, returns compress. $BX and $KKR posted massive AUM growth last cycle — now watch how hard it gets to actually *use* that capital productively.

Research these companies