Will capital concentration in US megafunds irrevocably change private equity?

Private equity in the US is experiencing a structural bifurcation, with capital increasingly concentrated among megafunds while small and mid-market managers face mounting fundraising pressure. Frank Anduiza, Managing Director, US Funds at Vistra, examines the forces driving this shift, whether it is likely to continue, and what it could mean for the future of the US private equity market.