Private equity has been the rage for a while. Managers delivered, and capital is abundant. As a result, purchase prices for new deals keep rising. Add to that the capital deployed in late-stage privates through mega-funds, crossover vehicles and SPACs, and it all feels like a feeding frenzy. I’ve long thought that these conditions would cause private equity managers to disappoint investors. I wrote about that a year ago in The Day of Reckoning for Private Equity. But I was wrong.