These are tough times for private equity firms. As 2023 limps to an end, it's been the worst year for exiting invesments since 2023. Long used to optimising costs and cutting heads at portfolio firms, private equity firms are quietly - and not so quietly - turning the axe upon themselves. "It's the senior guys who are going," says one veteran private equity headhunter. "Partners are being asked to leave rather than the juniors and the mid-levels. I haven't seen this happening since 2008." Get Morning Coffee ☕ in your inbox. Sign up here.