面对分配收益锐减与利润分配向资深合伙人倾斜的现状,许多中阶专业人士选择离职转型为创业者或跳槽,例如原任职于 Palladium Equity Partners 的 Garrett Werner 便离开金融圈改行经营卡车配件公司;此外,亦有越来越多人重返报酬与奖金表现更为稳定、适逢市场繁荣的投资银行业。
产业内部同时呈现严重的「K型分化」,大型巨头如黑石(Blackstone)与 KKR 凭借规模优势逐渐展现退场复苏迹象,而中型并购机构则饱受募资缩水与资产脱手困难的双重打击;部分高阶主管为了维持奢华生活支出或满足后续基金出资承诺,甚至不得不以未来的附带权益及豪宅抵押,向私人银行或专业机构借贷高额贷款。


The private equity industry, once a powerhouse of Wall Street wealth, has hit a slump as elevated interest rates make company exits and capital returns increasingly difficult. Dealmakers who previously relied on massive windfalls from carried interest now find their payouts delayed, with nearly billions in theoretical profits trapped in unsold portfolio assets and leaving careers stalled.
Faced with drying up distributions and profit splits heavily weighted toward senior executives, mid-level professionals are charting new paths by jumping ship to entrepreneurial ventures—such as former Palladium executive Garrett Werner pivoting to run a truck-upfitting business—or boomeranging back to booming investment banks where bonuses and compensation are far more predictable.
The sector is experiencing an acute K-shaped divide, with industry giants like Blackstone and KKR seeing early signs of recovery in exits while mid-market buyout firms struggle with fund performance and tight capital. Meanwhile, the liquidity crunch has pushed some dealmakers to take out aggressive loans against anticipated future carry and luxury real estate in order to meet personal commitments and fund obligations.