I fully agree with Nor_LA that the dumb pension fund managers and insurance companies that ‘invested’ in the private equity funds are going to be left holding the bag when, invariably, 9 of 10 of these buyouts fail.
Conclusion — if you are counting on a defined benefit pension payout, don’t. With your pension proceeds invested in corporate bonds, the stock market, venture capital, and private equity, such will quickly move down to 15-20% of peak value during the upcoming depression.
