The volume of debate regarding minority stake acquisitions is rising among private equity firms as they look to overcome the growing silence within leveraged financeOnce a popular feature in the 1980s, minority capital has faded into the distance in the age of cheap finance, which has helped to turbocharge the LBO market. But rising interest rates are changing the PE buyout playbook and leading to a revival of the minority stake acquisition, as GPs look to commit higher amounts of equity with a view to taking majority ownership stakes later down the line. This re-calibration could mean that 2023 becomes the year when GPs become more of a vocal minority. We shall see. Happy New Year!