Looking for a career in private equity? Here's how to navigate the slump.

The current landscape of private equity is undergoing significant changes, influenced by higher interest rates and global uncertainty, which have slowed down dealmaking and initial public offerings (IPOs). Despite these challenges, the industry is not dead, and new areas are emerging as opportunities for professionals looking to enter or advance within the field. One such area is private credit, which has seen a surge due to the same market conditions that have dampened traditional private equity. For instance, Apollo now manages more than 80% of its $751 billion assets under management (AUM) in private credit. Experts, including industry insiders, consultants, and recruiters, have provided insights on navigating this slowdown. According to Glenn Mincey, KPMG's head of US private equity, the recalibration has shifted the focus from buying and selling companies to other areas, such as portfolio operations and search funds. Portfolio operators, who help improve the performance of acquired companies, are becoming increasingly important. Search funds, where individuals or small teams raise capital to acquire and run a business, offer another promising avenue for those looking to break into the industry. In the broader financial markets, Goldman Sachs has warned investors about potential negative surprises, despite initial optimism over Trump's possible softening of tariffs. Consumer sentiment is also declining, with the Consumer Confidence Index reaching its lowest level since early 2021. This drop could lead to weaker corporate earnings as consumers pull back on spending. Additionally, World Liberty Financial, a crypto venture backed by Donald Trump and his sons, has launched a new stablecoin, which will be backed by short-term Treasuries, dollar deposits, and cash equivalents. In the tech sector, YouTube has surpassed Netflix and Disney in total US TV watching, partly due to its popularity among viewers aged 50 and older. This trend is seen as a warning sign for traditional media companies, which are losing older audiences to digital platforms. Military social media users have also been vocal in their criticism of top Trump officials involved in the Signal fiasco, flooding the internet with memes. Meanwhile, Napster, the once-popular music-sharing platform, is making a comeback after being sold for $207 million to Infinite Reality, which plans to use the platform for virtual concerts in the metaverse. The business world is facing several significant developments. Real estate brokerages are challenging a key market rule that keeps home listings transparent, potentially leading to a situation where big brokerages gatekeep listings, limiting options for some buyers. Boutique investment bank Moelis & Co. is ending its remote work policy and requiring all employees to return to the office five days a week starting in May. The AARP has also reported a surge in calls from anxious retirees concerned about the Trump administration's proposed cuts to the Social Security Administration, which could impact their benefits. Other notable news includes: - The trial closings for Charlie Javice in the $175 million JPMorgan fraud case are set for Wednesday, with one word expected to play a crucial role. - Donald Trump is directing the Department of Justice (DOJ) to investigate voter rolls. - Warren Buffett is awarding $1 million to a worker who accurately predicted 44 out of the first 45 games in March Madness. - Disney's "Snow White" box office performance is being analyzed, with experts suggesting that factors beyond anti-woke backlash are contributing to its poor showing. - Women's sports leagues are rethinking childcare policies to support athlete mothers. - David Booth, an investing pioneer, has shared six principles and pieces of advice that have shaped his understanding of markets. - A 26-year-old software company is partnering with Nvidia to leverage the AI infrastructure boom. - Recession signs are evident in 44 states, as tariff risks and proposed cuts by the Trump administration threaten economic growth. - Alibaba's chairman has warned about a potential bubble in AI data centers. - Jenner & Block, a law firm, is standing its ground against Trump's war on Big Law. - A profile of nine ultra-rich members of Congress has been published, highlighting their personal wealth and stock trading activities. The Census Bureau is scheduled to release an advance report on durable goods today, which will provide further insights into the health of the manufacturing sector and the broader economy. This summary captures the key events, people, and trends discussed in the article, providing a concise overview of the changing private equity landscape and other significant news items in finance, technology, and business.