The prediction is explicitly about what will happen "over the next several years" (multi‑year horizon) to risk‑adjusted excess returns in the broad private equity asset class. The podcast was released on October 3, 2025 and today is November 30, 2025, so not even two months have elapsed.

Private equity performance is only observable with significant lag (funds are valued quarterly or annually, and risk‑adjusted excess returns versus public benchmarks can only be assessed reliably over multi‑year periods). Given both the short time that has passed and the inherently long evaluation window for this kind of claim, there is nowhere near enough data yet to determine whether broad PE excess returns have in fact trended toward zero.

Because the stated timeframe (“next several years”) has not come close to expiring, the accuracy of this prediction cannot yet be judged.