Thank you for your query, Charles.

It is difficult to draw firm conclusions from these first two articles, but I wouldn't say PE is passe; simply that it requires thorough analysis, which most prospective investors are ill-equiped to perform (at least judging from my clients).

I suggest you read Parts III and IV this month and next (I am only allowed one article a month).

Part IV in January will offer some recommendations for LPs and their advisers.

In the meantime, you might want to read my books on private equity. They'd make great holiday season reads (if you like non-fiction!). They will help you understand what has been happening in private equity in recent years, both at the portfolio and fund manager levels.

Kind regards,

Seb