Private equity firms once had a script, of sorts. Buy an asset, load it up with debt, fix it and then flip it. But in recent years, weak M&A markets and soldered IPO windows have plugged the exit — leaving trillions of unsold assets weighing down private equity portfolios.
私募股权公司曾经有过某种剧本。购买一项资产，大量举债，理顺业务，然后转手。但近年来，疲弱的并购市场和焊死的首次公开发行(IPO)窗口堵住了退出渠道，造成数万亿美元的未售出资产拖累着私募股权资产组合。
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