But beneath the surface as signs of an industry that is running out of ways to generate returns on its money, private equity firms by a company spruce it up and try and sell it on for a higher price.

但在表面之下，作為一個行業已經沒有辦法產生資金回報的跡象，私募股權公司由一家公司將其美化，並試圖以更高的價格出售。

Its most prominent figures.

其最著名的人物。

Blackstone's Steve Schwarzman and KKR's Henry Kravis.

Blackstone 的 Steve Schwarzman 和 KKR 的 Henry Kravis。

Last year, the industry spent a pandemic defying $592 billion according to the consultancy Bain and company.

去年，根據諮詢公司貝恩和公司的數據，該行業花費了5920億美元的流行病。

Debt levels and valuation multiples will also at or close to record highs.

負債水準和估值倍數也將達到或接近歷史高位。

The Bane analysis shows that the likes of Schwartzman and Kravice are increasingly reliant on revenue growth rather than cutting costs in order to make a return on their investments.

班恩分析顯示，施瓦茨曼和克拉維茨等人越來越依賴收入增長，而不是削減成本，以獲得投資回報。

That strategy has clear upsides.

這個策略有明顯的上風。

First, it shows that the industry may be moving on from this historic image as rapacious cost cutters and asset strippers.

首先，這表明行業可能正在擺脫這種歷史形象，即貪婪的成本削減者和資產剝離者。

But the new growth obsession also has some downsides.

但新增長的困擾也有一些弊端。

For deals to work, private equity barons must increasingly find companies that are capable of outgrowing their rivals.

要想交易成功，私募股權大亨們必須越來越多地找到能夠超越對手的公司。

Those targets are scarce and very expensive.

那些目標稀少，而且非常昂貴。