After spending much of the 2010s trading at somewhat narrower discounts, private equity trusts saw their ratings deteriorate sharply in 2022 to their widest level since the financial crisis. While discounts across the sector have narrowed a little since, most still trade at wider than 20% despite their fairly impressive long-term performance records. In this article, we look at the history of private equity discounts, how they have varied by trust, and what steps each is taking to improve its rating. In short, while much progress has been made over the last couple of years, some trusts have ma...