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.

Its most prominent figures.

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

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

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

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.

That strategy has clear upsides.

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

But the new growth obsession also has some downsides.

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

Those targets are scarce and very expensive.