Mega buyouts: Mega-problems

Remember a year or two ago when every leveraged buyout king worth his salt was announcing new, mega-funds with some $20bn or more of capital to spend? Well, those funds may not be as mega as billed. The investors that committed money to funds run by firms like Carlyle, Blackstone and Bain may now be getting cold feet. These investors, which include pension funds and endowments like Harvard University’s, have already scrambled to get out of hedge funds and other more liquid investments. So it’s n...