Across the U.S., equity funds are amassing capital but running out of places to put it.
The consensus says that the best large deals have already been made in the large, coastal American markets, and even many of the secondary markets have been picked over.
As the primary market for the American Midwest, Chicago has not been immune from these issues. The largest equity players, whose funds run into the tens of billions, often restrict themselves to glitzier coastal markets, where they can be sure demand will stay high. Meanwhile, Chicago’s assets have grown too richly priced for many smaller equity shops, which…