More buyout managers are dusting off the transaction playbook, using seldom tapped and highly structured tools for routine deals. Arcane practices are suddenly commonplace. In many cases, managers are applying these practices today for different reasons than their original purpose, said Private Equity co-chair Michael Kendall, to FundFire. “There isn’t a lot new under the sun, but what’s old is new in an environment like this,” he said. While the best-performing portfolio companies still can command top pricing and attractive financing, the rest of the buyout market faces the dual challenge of higher-cost debt and a lingering price gap as buyer and seller expectations remain divergent, Kendall said. Hybrid debt options are also getting a lot of interest from managers. Few of today’s hybrid financing tools will become permanent deal options, however, said Private Equity partner Nick Caro. They likely won’t get use in a future era when interest rates drop again, he said.