Good morning, dealmakers. MK Flynn here with the Wire. More regulation coming. JPMorgan Chase’s Jamie Dimon issued a bit of a wakeup call to the private equity industry in his annual letter to shareholders. It’s a long and wide-ranging letter filled with insights about the economy and well worth reading. This is the part I found especially significant to PE folks: “The role of banks in the global financial system is diminishing,” wrote Dimon. “Possibly more important: The role of public companies in the global financial system is also diminishing.” He continued: “In addition to banks’ shrinking global role, you can see that the number of public companies, which should have grown substantially over the past decade, is remarkably reduced. Instead, U.S. public companies peaked in 1996 at 7,300 and now total 4,800. Conversely, the number of private U.S. companies backed by private equity companies has grown from 1,600 to 10,100 — a remarkable increase.” He concluded with some advice for private equity investors: “We need to study this public market diminishment thoughtfully and deeply — particularly since more regulation is coming that will affect this trend. This is a good time to think through and create the outcomes we want — and not just let multiple, often well-meaning but uncoordinated legal, regulatory and policy decisions take us where we do not want to go.” Founders and carve-outs. PE Hub’s ongoing series focused on private equity firms investing in healthcare continues with insights from Adam Feinstein, managing director, Vesey Street Capital Partners. Feinstein founded VSCP in 2014 and has served as managing partner of the firm since then. Previously, he was the senior vice president of corporate development, strategic planning and office of the chief executive officer at LabCorp. For more, read Aaron’s profile of the VSCP. From allocator to investor. “A major GP-led secondary process that recently closed, run by Accel-KKR, featured a group of co-lead investors that included a US public pension – one of the rare times such an organization has participated directly as a co-lead on a secondary deal,” Chris writes in a story on Buyouts. Click here for the full story. In case you missed. Be sure to check out our annual package celebrating the best exits of 2021. Buyouts and PE Hub named Deals of the Year winners in six categories: Large Market, Small Market, Turnarounds, Secondaries, International and the overall Deal of the Year (falling under the Mid-Market category this year). Winners include Francisco Partners, EQT and more. Start here to read the full coverage. That’s all for now. Until tomorrow, MK Read the full wire commentary on PE Hub ... | 