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‘Peak’ Private-Equity Fears Are Spreading Across Pension World

  • Conundrum for California fund giants who’d harvested premiums
  • Decade of double-digit returns on PE has ended: Morgan Stanley

Investors plowing cash into private assets may recall the words of Wall Street legend Barton Biggs: There’s no asset class that too much money can’t spoil.

One of the most fertile grounds for funds harvesting returns in a world of negative-yielding bonds and expensive public companies -- private equity -- is being swamped.