Sectors

Renewables

The capital came back to infrastructure. It did not come back to renewables

Power and grid deal value surged while renewables fell — on guarantees that were never priced.

Private equity

Private equity’s liquidity problem has become a pricing problem

34,000 companies waiting to sell. The financing moved to the fund level — and the pricing risk with it.

Real estate

Volumes came back. The cost of the debt behind them did not

Volumes recovered everywhere — but the debt behind them repriced, and the sub-sectors pulled apart.