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Super good question. The honest answer is: it depends, but we can frame it pretty cleanly. Private equity is generally not structured to “swing and miss” the way venture is. In a traditional buyout strategy, you’re underwriting to avoid permanent capital loss, even if you’re using leverage. That said, bankruptcies do happen. Depending on the dataset, the strategy (mega buyout vs middle market vs distressed), the industry mix, and the time period you measure, you’ll see something like mid single digits up to the teens as a reasonable range for bankruptcy outcomes across portfolios. The more “risk on” the underwriting...