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But to hear people in private equity talk, its superiority over public equities is now overwhelming.
Such financings are known as private investments in public equities, or PIPE's.
Harvard's public equities did marginally better than the market, as did its real assets.
Harvard, by comparison, said it had roughly 33 percent of its portfolio in public equities when it announced its results.
Mr. Grofman then represented K.K.R. in establishing its public equities business, which was utilized by the new traders.
The company operates seven other markets for illiquid assets, including ones for restricted public equities and bankruptcy claims.
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But the public equity market is closed.
Welcome to the new business of private equity: public equity.
The transaction thus simply converts K.P.E.'s public equity holders into Kohlberg Kravis equity holders.
If he taps into public equity markets, he risks losing control.
These firms raise public equity and debt much like a leveraged fund.
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