Critics of private equity have warned that the high leverage often used in PE‐backed companies could contribute to the fragility of the financial system during economic crises. The proliferation of poorly structured transactions during booms could increase the vulnerability of the economy to downturns. The alternative hypothesis is that PE, with its operating capabilities, expertise in financial restructuring, and massive capital raised but not invested (“dry powder”), could increase the resilience of PE‐backed companies.

中文翻译：

---

私募股权和投资组合公司：全球金融危机的教训

私募股权的批评者警告说，在私募股权公司支持的公司中经常使用的高杠杆率可能会导致经济危机期间金融体系的脆弱性。繁荣时期结构不良的交易的激增可能会增加经济在低迷时期的脆弱性。另一种假设是，PE凭借其运营能力，在财务重组方面的专业知识以及大量筹集但未投入的资金（“干粉”），可以提高PE支持的公司的弹性。