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PE industry change favours strongest firms

Investors such as pension funds get huge cash back and plough much of it into the industry, emboldening them to be selective and bargain for better terms with funds

DIFFERENT STROKES: Beyond the ups and downs of performance, fund-raising rules are different for the biggest private equity firms such as Blackstone and their big investors.

A SHIFT in the private equity (PE) industry is benefiting the strongest firms while forcing others to make concessions to attract new money. Investors in private equity funds, typically pension plans and other institutions that agree to lock away their capital for as long as a decade, are