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Buyout firms crave Buffett-like long game that remains elusive

Investors and managers will take some time to warm to the buy-and-hold model of investing

Blackstone Group LP has raised US$4.8 billion to date for its long-term fund, backed by heavyweight investors. In January the firm bought music-rights company Sesac Holdings Inc for the 20-year fund.

New York

A FEW years ago, private equity managers were growing tired of sitting on the sidelines, watching Warren Buffett's Berkshire Hathaway make landmark investments in Kraft Heinz and BNSF Railway. They wanted to get into the game.

To play, they would need to give themselves...

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