PE entered the trades during COVID on a 'recession-resistant' thesis (history/commentary)

Commentary on why private equity moved into the trades: low interest rates drove PE into private markets, and during COVID trades were perceived as recession-resistant and scalable like medical roll-ups, prompting a wave of trade acquisitions.

“during COVID, what really happened was that there was this perception, I use that word loosely here, right? that trades were suddenly recession resistant.”

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