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

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Good morning. A fitness influencer went viral for his elaborate morning routine — and his penchant for Saratoga spring water. It's not just for drinking. Oh no. He uses it to fill a bowl of ice water and then repeatedly dunk his face into it.

While I won't be adopting the morning routine myself, one person told BI they thought it was "amazing:" Saratoga water's CMO.

In today's big story, the climate of private equity is changing. Experts told BI what it means for your career.

What's on deck

Markets: The Trump family is getting into another corner of the crypto scene: stablecoin.

Tech: Military social media is roasting officials' use (or misuse) of Signal.

Business: Big real-estate brokerages want to gatekeep your next dream home.

But first, looking for a career in private equity?

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The big story

A job seeker's guide to the PE slowdown

The Golden Age of private equity is over.

Higher interest rates have slowed private equity way down. Dealmaking has slumped, initial public offerings have all but ground to a halt, and the uninvested money firms are sitting on is at a high — even as fundraising has fallen off a cliff from the heady days of 2021.

That's not to say that private equity is dead — or that all buyout funds have underperformed stocks in recent years. Quite the opposite, BI's Alex Nicoll writes.

The same high interest rates and global uncertainty that have dampened the traditional private equity industry have supercharged nonbank lending, also known as private credit. Apollo now counts more than 80% of its $751 billion in assets under management as private credit.

What does it mean for those looking for a career in private equity?

A range of experts, from industry insiders to consultants and recruiters, told BI what's ahead for professionals looking to break into or move up in the lucrative field of private-market investing.

"This recalibration has given professionals in the industry new focus outside of buying and selling companies," said Glenn Mincey, KPMG's head of US private equity.

Hot opportunities still abound if you know where to look, including the portfolio operator and those who go it alone through search funds.

3 things in markets

1. Goldman Sachs to investors: Buckle up. News of Trump potentially softening tariffs next month had the stock market jumping for joy on Monday. But Goldman Sachs outlined two reasons investors should still brace for a negative surprise.

2. Consumer sentiment is plunging, and that's not good for stocks. Americans aren't feeling great about the economy, with the Consumer Confidence Index dropping to its lowest level since early 2021. Wall Street is eyeing the risk of weaker corporate earnings as consumers pull back.

3. Trump's got a new digital asset. World Liberty Financial, the crypto venture backed by the president and his sons, is getting into the stablecoin game with a new token. It'll be backed by short-term Treasuries, dollar deposits, and cash equivalents, the firm said in a press release.

3 things in tech

1. Traditional media is losing older people to YouTube. According to Nielsen data, YouTube beat out Netflix and Disney last month in total US TV watching, and that's partly thanks to viewers 50 and older. It's yet another alarm bell for Hollywood.

2. Military social media had a field day with the Signal fiasco. Veterans roasted the top Trump officials involved in Signalgate, flooding the internet with memes of Pete Hegseth and JD Vance.

3. Napster is making a comeback. Is it 1999? Yes, it still exists, much to many millennials' surprise. The OG music-sharing platform was sold for $207 million to Infinite Reality, which seems to be planning to use it for a metaverse play involving virtual concerts.

3 things in business

1. It's about to get a lot harder to find your dream home. A key real estate market rule that keeps home listings transparent is being challenged by some of the industry's biggest players. Home listings could soon be gatekept by big brokerages, meaning some people will see many more options than others.

2. Another hybrid work policy bites the dust. Boutique investment bank Moelis & Co. is ending its remote work allowance and calling all employees back into the office five days a week starting in May. RIP, WFH.

3. Anxious retirees are calling the AARP in droves. The AARP has seen a surge in calls from seniors worried about the Trump administration's cuts to the Social Security Administration. They're concerned about how it will affect their Social Security benefits — and they have reason to be.

In other news

• Charlie Javice trial closings are Wednesday in $175M JPMorgan fraud case. One word will play a starring role.
• Trump wants DOGE to look at voter rolls.
• Warren Buffett is giving $1 million to a worker who called 44 of the first 45 games in March Madness.
• Disney's 'Snow White' flop is deeper than anti-woke backlash, box office analysts say.
• Women's sports are rethinking childcare for their mom-athletes.
• Investing pioneer David Booth told us six principles and advice that transformed his understanding of markets.
• Meet the 26-year-old software company hitching a ride on the Nvidia rocket ship.
• Recession signs are flashing in 44 states as tariff risks and DOGE cuts threaten growth.
• Beware a swelling bubble in AI data centers, Alibaba chairman says.
• Jenner & Block signals it will stand its ground after being targeted in Trump's war on Big Law.
• Here's a look at nine ultra-rich members of Congress.

What's happening today

• Census Bureau releases advance report on durable goods.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago. Meghan Morris, deputy bureau chief, in Singapore.