- We’re ’last stop on railway’
- Pensions deeper in hole after crisis
- Not-so-wealthy investors want access
The chiefs of the world’s two biggest private equity firms described their asset class as one of the last, best hopes available to score the kinds of returns investors need to catch up following the broken hopes of the financial crisis, when pension funds and individual investors generally fell short of their investment goals.Referring to pensions and other institutional investors, Stephen Schwarzman, the head of The Blackstone Group, said: “The people who run these institutions… they’re close to [being] out of tricks. And we’re sort of the last stop on the railway.” He ...