According to the Financial Times, PE fundraising just hit a 7-year low ($592B raised in the 12 months to June, down nearly 30% from 2021). Even with fee cuts, early-bird discounts, and capped expenses, firms are struggling to attract capital. Why? Because they can't return it.
I've been doing some research on homebuilding finance, land banks, and the housing market. Three recent reads paint an interesting, if cautious, picture.
