Hedge funds in private equity clothing fool no one

Apr 21, 2009

Umbrage has been taken to those hedge funds that appear in private equity clothing, when what lies beneath is very different.

'Divergence' has replaced 'convergence' as a watchword in the theme that formerly saw hedge funds encroaching on the world of private equity. Having donned private-equity mantles of illiquid deals, the credit crisis has shown that the new clothes of the Empress are transparently wrong.

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