Unexceptionalism

Private equity pussyfooting is not such a bad thing for Citigroup. It finished raising a $3.3bn fund on Monday, with most capital provided by the bank and its employees, along with a slug from clients. Its smallish size prevents the fund from being a lead investor on any significant deal. The biggest cheque it will cut most likely won’t exceed $330m, meaning it will be relegated to taking passive roles. That strategy differs vastly from those of its competitors. Some, like Goldman Sachs and Mer...