We are pleased to invite you to the presentation of the First LTI Report "When the Tailwind Stops: The Private Equity Industry in the New Interest Rate Environment". 

The consistent growth of long-term alternative asset managers in the past four decades coincided with the secular decline in interest rates. This has been an important tailwind for the private equity industry’s development as debt markets became increasingly cheaper, and institutional investors were searching for ways to offset the shrinking yields on their fixed income portfolios. The past decade, however, has marked a new monetary policy regime: short-term rates have been trapped at zero and it is clear that the favourable environment of declining rates will no longer be there. This development is likely to redefine the growth trajectory, composition and economics of the private equity industry in the decades to come. This report expands on the dynamics at play that shape the development of the global private equity industry and its interaction with the interest rate environment and explores the consequences of deceleration in its growth.

Join the author Victoria Ivashina, editor Pietro Garibaldi and discussants Francesca Cornelli, Gilles Moec, and Ugo Panizza for the online presentation and discussion of this report.


Pietro Garibaldi

Fellow and Director of the Allievi Programme Collegio Carlo Alberto; Professor of Economics University Of Turin

Fellow, Labour Economics

Ugo Panizza

Vice President, New Ventures Centre for Economic Policy Research; Professor of Economics and Pictet Chair Geneva Graduate Institute (IHEID)

Fellow, International Macroeconomics and Finance / CEPR Vice President / RPN Member, International Lending and Sovereign Debt / Occasional Papers