As we approach the end of the year, tradition usually dictates that the Private Equity International team sits down with market participants for a bit of crystal-ball-gazing – a chance to find out what they think is likely to happen next year across various aspects of private markets.

This year, with global volatility making accurate predictions more important than ever, we decided to go one step further and track down an actual crystal ball. A quick Google search revealed many mediums and tarot card readers offering their services for a hefty fee; we decided to go with Psychic Sisters, a London-based clairvoyant team whose celebrity clients include socialite Kylie Jenner, actress Kate Hudson and private equity firm founder Kim Kardashian.

For a mere £25 ($29; €28), Psychic Sisters would answer two questions by email. Uploading a photo of oneself along with a date and time of birth would help establish a “connection” with the team. Questions about health, pregnancy, legal issues and – frustratingly – finance would not be allowed due to regulations, so we had to craft our questions wisely.

But how does one choose just two questions to ask a person gifted with omniscience, who can see to the end of time? We longed to ask about where hurdle rates are really trending, or whether the two and 20 model is doomed, or what the correct amount of carry to roll into a continuation fund is; in the end, we settled on the two most important questions of all.

Will the private equity industry have a good year or bad year in 2023?

“The way things are with the world… it is very much down to people’s choices and decisions as to how things progress,” Psychic Sisters’ response began. Evidently, as every individual has free will, it was impossible to give a categoric answer. However: “On the whole, spirits show that private equity will have its ups and downs, depending on what part of the industry you are in.

“The world is in a form of recession, wherever you live. But, as with everything, if managed well during the recession, it will pick up in time – but may well take a while to get back to acceptable standards.”

Is there anything that people working in private equity should be worried about going into 2023?

“Worrying itself serves no purpose but to bring you more worry,” the reply helpfully began. “Worrying about things sends a strong emotion to the universe that will be reflected back at you as your reality”, it continued. For what it’s worth, PEI finds it worrying that, apparently, jinxes need not even be spoken.

“Yes, things will be difficult. There will potentially be losses,” the reply noted, adding that perspective is important when faced with a tricky situation. “It is a question of trusting that everything will be OK.”

We would like to leave you with that positive thought. Happy Holidays, be well, and remember: everything’s going to be fine. The crystal ball says so.