If you follow me on <a href="https://www.linkedin.com/in/hugh-macarthur/" target="_blank">LinkedIn</a>, you’ve probably seen some of my weekly musings on the state of the private equity industry. <a href="https://www.linkedin.com/feed/update/urn:li:activity:7349446330076872707/">One post</a> 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.

<description>&lt;p&gt;If you follow me on &lt;a href="https://www.linkedin.com/in/hugh-macarthur/" target="_blank"&gt;LinkedIn&lt;/a&gt;, you’ve probably seen some of my weekly musings on the state of the private equity industry. &lt;a href="https://www.linkedin.com/feed/update/urn:li:activity:7349446330076872707/"&gt;One post&lt;/a&gt; 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.&lt;/p&gt;&lt;p&gt;Today on &lt;i&gt;Dry Powder&lt;/i&gt;, 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.&lt;/p&gt;
</description>

Host Hugh MacArthur reflects on an emotionally turbulent year, the data underlying the noise, and the potential for a turnaround in 2026.

Nothing Is Fundamentally Broken … Yet Again

In part two of our interview series, we explore how TA hits the ground running on value creation.

<description>&lt;p&gt;In part two of our interview series, we explore how TA hits the ground running on value creation.&lt;/p&gt;
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In part two of our interview series, we explore how TA hits the ground running on value creation.


Yards After the Catch w/ TA’s Hythem El-Nazer

How does TA find the time — and the manpower — to sift through 40,000 companies a year?

<description>&lt;p&gt;How does TA find the time — and the manpower — to sift through 40,000 companies a year?&lt;/p&gt;
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How does TA find the time — and the manpower — to sift through 40,000 companies a year?


Finding a Needle in a Haystack w/ TA’s Hythem El-Nazer

In part two of our interview series with Kristin Olson, Global Head of Alternatives for Wealth at Goldman Sachs, we consider how Goldman Sachs is positioning itself for scale and just how far the industry is from truly democratizing private markets.

<description>&lt;p&gt;In part two of our interview series with Kristin Olson, Global Head of Alternatives for Wealth at Goldman Sachs, we consider how Goldman Sachs is positioning itself for scale and just how far the industry is from truly democratizing private markets.&lt;/p&gt;
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In part two of our interview series with Kristin Olson, Global Head of Alternatives for Wealth at Goldman Sachs, we consider how Goldman Sachs is positioning itself for scale and just how far the industry is from truly democratizing private markets.

Early Innings w/ Goldman Sachs’ Kristin Olson

Kristin Olson, global head of alternatives for wealth at Goldman Sachs, explains how her team is preparing for more than 30% yearly growth in the individual investor space.

<description>&lt;p&gt;Kristin Olson, global head of alternatives for wealth at Goldman Sachs, explains how her team is preparing for more than 30% yearly growth in the individual investor space.&lt;/p&gt;
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Kristin Olson, global head of alternatives for wealth at Goldman Sachs, explains how her team is preparing for more than 30% yearly growth in the individual investor space.

Building the Future of Private Wealth Portfolios w/ Goldman Sachs’ Kristin Olson

Hugh MacArthur, Chairman of Bain & Company's Global Private Equity practice, interviews leading experts on the trends and opportunities that will redefine the private equity industry.

Dry Powder: The Private Equity Podcast

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