Private Equity Seeks Long-Term Relationship

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“Private equity all has long term lock ups. So you may like our performance, you may not like our performance, but you’re my partner for the next 12 years (makes a smooching, kissy sound here). At a hedge fund, you’re my partner for the next 45 days until you can give me notice and get the hell out.” —TPG's David Bonderman, speaking at the Asian Venture Capital Journal conference in Hong Kong [DealZone/Reuters via DealBook/NYT]