The Federal Reserve hit the lights, and the era of free money ended. Interest rates, once an afterthought, are now a primary obstacle, and the cost of debt service is eating into the returns that were once considered guaranteed.

A manager's spreadsheet-perfect projections are a ghost story. The real truth is found in the questions they don't want you to ask. So, when you’re across the table from a General Partner with a polished pitch deck, what do you ask to test for resilience?

For years, cheap debt covered up a multitude of operational sins. With interest rates 500+ basis points higher than the last decade, that safety net is gone. Debt service now eats the cash flow that was once earmarked for buying the next add-on.