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Shuli Ren

Billionaires Can’t Get Enough of Private Equity

The ultra-wealthy are stepping up as pension funds and endowments reach their limits.

Checking out private equity.

Checking out private equity.

Photographer: Spencer Platt/Getty Images

After a record fundraising year, there are worries that private equity’s golden era is over.

Banks’ souring sentiment toward buyout loans and a drought in initial public offerings are pressuring both ends of private equity’s deal machine: the buying and selling of companies.