
Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208)
Capital Allocators – Inside the Institutional Investment Industry
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Evolution of Stake Investments in Private Equity
This chapter examines the progression of stake investments in private equity, starting with Blackstone's landmark sale in 1988. It discusses the influence of major asset owners like CalPERS on market trends and highlights how different institutional strategies shape the investment landscape. The chapter also emphasizes the varying risk-return profiles across market segments and the ongoing emergence of hybrid fund structures.
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