KKR recut terms with big backers to hand rich investors larger share of deals
Flood of money into evergreen vehicles has meant 7.5% share carved out in fund terms no longer sufficient
Flood of money into evergreen vehicles has meant 7.5% share carved out in fund terms no longer sufficient

As the original private equity barbarian reaches milestone, the FT interviews its founders and their successors

Examples of assets shunted from one continuation vehicle into another are dribbling out

Talks with private capital firms have focused on operational hurdles for retail customers

Weak creditor protection in deals gives advantage to those with the resources to examine documentation

Customer information is either a private asset or a public good

Investors question if some institutions rubber-stamp deals that could benefit other businesses