Some of the world's largest investors are suffering as a result of poor returns from private equity investments made over the past decade.
Pension funds representing public sector employees in California, Oregon and Washington have invested $53.8 billion in various private equity funds since 2000.
However, these large investors have recouped just $22.1 billion of that original investment.
In contrast, the managers of some of the larger private equity funds have fared well over the past several years:
Stephen Schwarzman, the 62-year-old co-founder and chairman of Blackstone Group LP, the biggest private-equity firm, ranked 261st on the 2009 Forbes list of the world’s richest people, with an estimated net worth of $2.5 billion. KKR & Co. LP co- founder Henry Kravis, 65, topped that with $3 billion, while Carlyle Group co-founder David Rubenstein, 60, weighed in at $1.4 billion.
Source: Bloomberg
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