Swinging The Private Equity Pendulum

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The private equity asset class took a sharp hit from the financial crisis and subsequent economic recession. In particular, it has become more difficult for fund managers to raise private equity funds. The difficult fundraising environment may have started to swing the pendulum toward limited partner (LP) investors as they begin to wield more influence in their relationships with fund managers. This paper explores how extensively the balance of power between LPs and private equity fund managers has shifted and what this change means to LPs.