Ann: Market Update, page-16

Regarding your second paragraph, the contention is that they are holding on to the dud assets (whilst also writing some of them up, amazingly) whilst selling the good ones, so the track record isn't telling the whole truth. I reiterate that it's a contention, but the cynic in me is suspicious of the faultless track record reflected in this morning's disclosure. There should be some dud exits in that PE table just given the nature of the business, but there's 9/9 returning >1.0x capital (page 7). All PE funds get it wrong sometimes