East European Equities: Private equity needs patience

Investment in private equity markets in eastern Europe is hard work, but enthusiasts reckon it's worth the effort. "In private equity we're sweating a lot trying to turn a profit, and then we look next door and see those guys making a lot of money buying and selling in the public markets," says Philippe Belot, a senior banker at the EBRD. But "we'll be better off in the longer term. We're betting on an upturn in these economies."