Dow Jones, a News Corp company
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A decade of rapid growth and diversification has transformed buyout shops into financial conglomerates
The world of investing is going private—but long-term returns are under threat.
The past decade has seen a flood of capital into hard-to-see, less liquid assets, transforming the scale and scope of the private-equity firms managing this money.
The biggest firms see this as adding to their advantages in an increasingly competitive world. But...