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THE LACKLUSTRE RETURNS generated by many private equity firms have barely dented the industry’s image as a moneymaking machine. It was this machine that attracted such large amounts of investment during the boom years, investment that in the new post-Lehman reality has turned from a head start into an Achilles heel. The job of a private equity firm is to buy companies, make them better and sell them for more than they paid for them – and this is what their limited partners expect them to do.
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