I would not call PE a “bubble”. It’s not something people are just tossing money into because there are nebulous promises and the numbers are going up. PE is involved in EVERYTHING - restaurants, housing, tech, manufacturing, finance, marketing. It’s not an industry, just a way of investing that bypasses pretty much all of the safeguards and regulations societies have put in place for public trading. And I don’t expect it to “pop”. Either it continues, and all of the wealth continues to be concentrated towards the top, or the populace manages to take enough power back to get legislation, regulation, and enforcement to add transparency and rules to private equity.