Overview

In private equity world, there is only one moment that ultimately matters: when cash comes back. DPI-Distributions to Paid-in Capital-is the point where belief ends and reality begins. Yet across the industry something unusual is happening. Companies are performing. Funds are raising capital. Markets remain open. But exits are slowing. Assets stay in portfolios longer. Continuation vehicles multiply. Secondaries recycle ownership instead of resolving it. And DPI advances slowly-often stalling near 0.4×. Why? In World Freezing at 0.4× DPI, David Rajan argues that this is not simply a cycle or a difficult vintage. It reflects a deeper shift in how economic systems coordinate decisions. In the traditional market system, price discovery and credit creation forced resolution-driving exits, transfers of ownership, and the release of capital. But in an emerging data-driven economy, risks are managed earlier, systems stabilize performance, and investors increasingly have the ability to wait. When nothing forces a decisive moment, assets continue-but they do not close. Capital remains productive, yet realization slows. This book offers a clear diagnosis of a condition many investors are already experiencing but struggling to name: the 0.4× DPI world.

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