The strains on the private equity model are showing
Firms are still struggling to deal with a lack of exits from their investments
Firms are still struggling to deal with a lack of exits from their investments

Prolonged downturn in dealmaking has meant fewer opportunities and squeeze on pay

Surge of investment has raised concerns about whether advisers adequately explain illiquidity risk

Offering seen as signal of whether large private equity groups can begin exiting largest deals

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

The industry has come under the spotlight for circular dealmaking, but it has always eaten a lot of its own cooking

PE has a well-earned reputation for spotting profitable niches and growing them smartly