Failure of private equity firms to return cash to investors is blocking institutions from backing hedge funds.
Last year assets in the global private capital industry ballooned to $14.5tn, according to the Bain & Co report, more than treble the $4tn it managed a decade earlier. In contrast, inflows to hedge funds have been muted for the past decade, with investors pulling cash on a net basis in five years out of the last 10, according to Hedge Fund Research.
Source: FT
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