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A 30-year treasury offers 5% and A-grade corporate bonds offer 6.5%. You don't need to exploit essential services for the other 50bps.

Because treasury rates are rising, it now actually puts even more pressure on PE firms to burn furniture.

.. now. Five years ago that was more like 2%.

The S&P grew at ~15% annualized post GFC, and PE acquisitions of housing and essential services hasn't stopped.