The investments in Asia haven’t been a roaring success concedes a private-equity dealmaker who has been made redundant. He has no idea when or where he will make or lose his next million. “Most private-equity funds have struggled to make exits and get their cash out, so why should we be given more money?” he asks resignedly.
Institutional investors have been thinking along exactly the same lines, prompting a dramatic shrinking of the Asian private-equity market.
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