When you ask private equity executives about the financial crisis, they are quick to tell you that it wasn't their fault. And that they didn't receive a bailout. The first part is undeniably true. Private equity firms didn't originate subprime mortgages, nor did they teeter on the brink of self-induced insolvency. The second part is a bit more complicated, and it's only getting more so as the Federal Reserve orchestrates a rise in long-term interest rates.