I worked at a PE fund whose name you'd know. VC has a plausible claim to value creation. Buyout is a shell game. They are arsonists that we have allowed to torch our industrial economy to the ground.

There are massive financial incentives to lever to the hilt. Back in the day social pressures restrained it. In the 1980s that all went out the window.

https://www.gsb.stanford.edu/faculty-research/working-papers...