It is perversely considered to be normal to allow private equity general partners to value fund assets on a “trust me” basis. And the limited partners are also awfully trusting in allowing for very thin explanations of distributions (payments) from the funds.
Read more...Why private equity returns are nowhere near as juicy as most investors in private equity believe.
Read more...A revealing image, and more investigation of KKR’s all-too-clever wordsmithing strongly indicate its claim that KKR Capstone is not an affiliate does not stand up to scrutiny. This is a serious charge because if the critics are right, KKR is embezzling.
Read more...A new case filed against Deutsche Bank’s wealth management business shows that even money can’t buy safety from predatory finance.
Read more...We’ve published 12 private equity limited partnership agreements, including the KKR limited partnership agreement that was key to an important Wall Street Journal story. The source documents have been removed from the Pennsylvania Treasury’s website, so our document trove has now become the best source for these records.
Read more...Yves here. On the occasion of an all-time high, a hard look at how the Dow Jones Industrial Average is constituted is in order.
Read more...It’s been creepy to see economists and the financial media cheering the re-levering by American households as a sign that they economy is on the mend and consumers are regaining their will to shop. The number of Americans who are tapping into their 401 (k) accounts is proof that the financial health of ordinary Americans is far from robust.
Read more...No matter how you cut it, the Kentucky Retirement System hasn’t done well with its outsized commitment to alternative investments.
Read more...Satyajit Das reviews Michael Lewis’ book Flash Boys. Das finds it to be deeply flawed,: deficient in its understanding of HFT and not very well written.
Read more...McKinsey has issued a new report on the private equity industry that ought to give any investor cause for pause.
Read more...While Michael Lewis’ book Flash Boys is sensationalistic and simplistic, it may goad regulators into action, particular since many knowledgeable observers have been making similar arguments for years. But let’s hope they focus on the real issues.
Read more...Who in their right mind would want to invest in a search fund?
Read more...Why the SEC’s latest trial balloon about what it might do about high frequency trading is an embarrassment.
Read more...Why the brouhaha about HFT distracts attention from much bigger Wall Street abuses.
Read more...How absurd are the goals of the pension funds that invest in private equity? Plenty absurd, it turns out.
Read more...