The math is simple: businesses that suddenly lose most, if not all, of their cash flow need instant liquidity. GPs have enough capital to move faster than public offerings, said Aaron Cheris, who leads Bain & Company’s Americas retail practice. 

At the same time, the advantages to public companies brought by private equity go beyond instant capital. “Sometimes it’s the capability value,” Cheris said. TPG and Bain Capital, for example, bring in big operations, he added.