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Steve Eisman on the issues in Software lending in Private Credit: “When it’s time to get them refinanced, who’s going to want to lend to them when the equity is less than half?” “The equity value has been obliterated.”

Wall Street Rollup

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91,633 views • 5 months ago •via X (Twitter)

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Steve Eisman on private equity's software problem: "Private Equity investments in these software companies…they’ll never get out.” “…The public multiples have been cut by more than half. There's nothing you can do about that." Eisman doesn’t think mergers solve this either given the multiples will still remain compressed.

Steve Eisman on private equity's software problem: "Private Equity investments in these software companies…they’ll never get out.” “…The public multiples have been cut by more than half. There's nothing you can do about that." Eisman doesn’t think mergers solve this either given the multiples will still remain compressed.

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The Big Short’s Steve Eisman roasts Software Private Equity investors: "Never underestimate the importance of an excel spreadsheet in the way people think about companies.”

The Big Short’s Steve Eisman roasts Software Private Equity investors: "Never underestimate the importance of an excel spreadsheet in the way people think about companies.”

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I went on The Moment Live podcast to talk about how the Big Beautiful Bill is a gift to private equity. It strips health care institutions of funding, leaving them vulnerable to takeovers. And when private equity takes over a hospital or nursing homes, quality plummets.

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Chris Murphy 🟧

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So insurance companies & pension funds have invested in private equity & credit companies through the Cayman Islands, and they're currently 35x levered on their obligations... Did I hear that correctly? When private credit blows up this is going to be worse than 2008.

So insurance companies & pension funds have invested in private equity & credit companies through the Cayman Islands, and they're currently 35x levered on their obligations... Did I hear that correctly? When private credit blows up this is going to be worse than 2008.

Financelot

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Corporate debt isn't mortgage debt: no amortization, just a maturity date. It simply comes due. Private credit is interest only, so the principal never dies. Steve Eisman indicts the racket: when the multiple collapses, equity goes to zero & the keys go to the lenders. This isn't a software PE bruise; it's a leveraged, unmarked credit dump pretending time stopped. Sentient people sense the bill is almost due. Ostrich oversight doesn't freeze decay; it fertilizes the rot.

Corporate debt isn't mortgage debt: no amortization, just a maturity date. It simply comes due. Private credit is interest only, so the principal never dies. Steve Eisman indicts the racket: when the multiple collapses, equity goes to zero & the keys go to the lenders. This isn't a software PE bruise; it's a leveraged, unmarked credit dump pretending time stopped. Sentient people sense the bill is almost due. Ostrich oversight doesn't freeze decay; it fertilizes the rot.

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Soros Fund Management CIO Dawn Fitzpatrick on why there is a massive culling coming for managers in private equity and credit From her conversation at Bloomberg Invest "Investors are overallocated to private assets. Their private equity is not cash flowing, and now they are going to have a similar issue in private credit. I think it is going to be a painful 18 to 24 months"

Soros Fund Management CIO Dawn Fitzpatrick on why there is a massive culling coming for managers in private equity and credit From her conversation at Bloomberg Invest "Investors are overallocated to private assets. Their private equity is not cash flowing, and now they are going to have a similar issue in private credit. I think it is going to be a painful 18 to 24 months"

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KKR Co-Founder George Roberts on where he sees value right now: "Infrastructure. There’s probably no better time to invest. We have a lot less competition there than in private equity."

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a16z

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🚨Private equity is CRASHING — and now they want to raid YOUR retirement savings to bail them out!! 🤬

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The private equity bubble has popped, & Trump is delivering the bailout they’ve been begging for! Mega Thread 1/12 Trump is planning an executive order to open $12.2 TRILLION in 401(k)s to private equity. This isn’t about “opportunity.” It’s a bailout for billionaires sitting on toxic assets they can’t sell. Here’s what they’re not telling you -

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