You still eventually need to return money to your private market investors at some point. So that just pushes the outcomes out later. Or, again, in the super rare case that you’re generating so much case that you can pay investors back at a rate of return they’re happy with with dividended cash flows.
The first time I saw how customizable a PE deal was, and how you could limit how much of a company you give away with how little of the PE you end up drawing by becoming profitable, I was surprised why it isn't more common in tech.
