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And the BHS pension fund having somehow acquired a deficit of £571m.
SO, on balance, is Mr. Kramer right about the fund having been a bad idea?
They dislike private equity's long, secretive, inefficient fund-raising process, and the constraints imposed by each fund having a limited lifespan.
The second oil boom of the post-Soviet period has already given the country extraordinary wealth, the state oil fund having nearly $11bn of assets.
Carlyle, for example, recently closed a $2.3 billion fund, having realized a five-times paper profit on its investment in insurer China Pacific.
"Investors can choose what they want to do without the fund having to incur expenses to buy or sell issues," Mr. Head said.
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But that fund has already been depleted.
The fund has so far raised $10 million.
But the Fund has delayed final approval.
But the fund has other benefits.
The fund has imposed two difficult conditions.
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