=Capital for the acquisitions comes from outside investors in the private equity funds the firms establish and manage, usually supplemented by debt. The private equity industry has grown rapidly; it tends to be most popular when stock prices are high and interest rates low. In 2022, private equity buyouts totalled $654 billion, the second-best performance in history. Capital for the acquisitions comes from outside investors in the private equity funds the firms establish and manage, usually supplemented by debt. The private equity industry has grown rapidly; it tends to be most popular when stock prices are high and interest rates low. In 2022, private equity buyouts totalled $654 billion, the second-best performance in history.