Thanks so much for this article. You mention it's a series so I will surely read into the previous parts that led to this article, to have a fuller picture of your framework. But based on what I read so far I agree fully. Another word I like to use for Private Equity managers is obscurantists.

If professional money managers who trade in public markets had the leeway their private equity counterparts have, I'm sure they would also post "IRR"s in the 20%+ on a yearly basis, but it's not that easy for them, luckily for the rest of the market if I may add.