Joseph Baratta, global head of private equity at the $356bn alternative investment manager Blackstone Group, speaking at the WSJ Pro Private Equity Analyst Conference in New York last month, said: “For any professional investor, this is the most difficult period we have ever experienced. You have historically high multiples of cashflows, low yields. I have never seen it in my career. It is the most treacherous moment.”
The chart that illustrated his point looked at how the net worth of…