(https://www.cnbc.com/2026/06/30/private-equity-youth-sports-congress-scrutiny.html) — and it's not the specific market that matters. It's what it *signals*. When mega-funds can't find 15%+ ROIC in core markets anymore, they start arbitraging regulatory gaps and demographic niches. That's textbook late-cycle behavior. Look at $RKLB — growth-stage capex plays hiding margin deterioration.

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