Centerbridge and EQT on Why Blaming Macro for Busted Exits Fails
Neil Kalvelage and Alex Greenbaum explain why sponsors blame macro for failed exits, and how buyer retrospectives reveal the real operational flaws.
The Exit Playbook: Safe landings when exits stall
With Rob Katecki, Brian Cassidy, Alexis Underwood, Adrian Letts, Saurabh Singh, Neil Kalvelage, Lane McDonald, Doron Grosman, Alex Greenbaum, Helen Lee Bouygues, Chris Satchell, Chris Taber, Fahim Ahmed, Michael Hollander, Riccardo Basile · Sunday, October 18, 2026
Industry leaders across private equity share battle-tested strategies for recovering when a portfolio company exit process falters or stalls. Operating partners and deal leads discuss how to diagnose root causes rather than blaming macro conditions, conduct rigorous post-mortems, and re-underwrite assets for extended hold periods. The conversation also explores how to combat deal fatigue among management teams, maintain direct communication with potential buyers, and pivot to alternative liquidity structures.
Key takeaways
- Neil Kalvelage of Centerbridge rejects macroeconomic scapegoating, warning that blaming interest rates or market cycles hides fixable flaws like customer concentration and poor strategic fit. Read more →
- Fahim Ahmed of BC Partners observes that transaction processes frequently stall from signal distortion introduced by intermediary investment bankers rather than asset defects. Read more →
- Helen Lee Bouygues contrasts the American habit of offering a long weekend with the European practice of mandatory operational pauses before running post-exit autopsies. Read more →
- Alex Greenbaum reports that typical sales processes run a 1.5% conversion rate: out of 100 teasers and NDAs distributed, 98.5% of prospects decline even during benign market conditions. Read more →
- Brian Cassidy points out that close to 50% of sale processes fail even during strong market conditions, meaning broken processes are a standard feature of dealmaking rather than rare errors. Read more →
5 articles from this episode
Why Principal Talks Rescue Stalled Private Equity Exits
BC Partners and Brookfield reveal how intermediary friction stalls deals and why direct sponsor talks clear bad signals to save exits.
How Stalled Exits Break Mid-Level Executive Morale
When private equity exits stall, deal fatigue threatens mid-level managers. Operating partners explain how to stabilize teams for extended holds.
Why Sponsors Are Abandoning the 100% Exit
Private equity leaders at GTCR and Crestview explain how to manage broken auctions, debt freezes, and partial liquidity pivots.
Re-Underwriting Failed PE Exits as New Deals
Wynnchurch's Alexis Underwood explains why stalled PE exits require internal re-underwriting and late-hold operational overhauls.
More Private Equity Spotlight episodes
- The Exit Playbook: The human key to exitsOct 11 · 5 articles
- The Exit Playbook: Right-timing the exitOct 4 · 6 articles
- Why ‘smoke and mirrors’ won’t cut it during fundraisingSep 13 · 6 articles