The Importance of Putting Amount of Money Into Private Equity

The US market may be something over 30 trillion now, but there's all kinds of businesses that aren't for sale. The supply demand situation, we're buying businesses privately and leveraging them up has changed dramatically from what it was 10 or 20 years ago. We have seen a number of proposals come private equity funds where the returns are really not calculated in a manner that I would regard as honest. They'll go to banks and pre-fund investments prior to making the drawdowns because ultimately that's going to flatter the IRR calculation.