Top Colleges’ Liquidity Pressured by Weak Private Equity Returns

As global conflicts strain munitions supplies, private equity firms are turning from prime contractors toward the mid‑tier manufacturers and service providers powering the defense industrial base.

Institutional investors are pushing back against private equity’s biggest brands, steering capital toward emerging managers, lower-middle-market funds and secondaries vehicles that promise faster realizations and fewer fee surprises.

A Q&A with Wolfe, who recently joined PACT Capital Partners as COO.