In line with Jensen’s predictions, private equity (PE) industry has grown remarkably and become a global phenomenon. More recently, academic literature examines a sharp drop in number of listed firms and the role of PE firms in the possible demise of public corporations. Rather controversially, some authors were also predicting the eclipse of PE. In this article we discuss recent developments and argue that rumors of the eclipse of PE are exaggerated. The PE model, and its accompanying governance role, is here to stay but it will need to adapt to changing dynamics between general and limited partners, and emergence of fintech.