Will patience prove a virtue for private-equity hedge funds?

PRIVATE EQUITY

As ever more hedge funds are becoming involved in private equity type deals, lawyers are cautioning them to look to the legal and liquidity consequences before they leap.

Firms as prominent as Blackstone, Highfields Capital Management and Appaloosa have all been active in private equity, either investing directly or setting up separate vehicles, while private equity firms such as Carlyle and AEA Investors have moved in the opposite direction.

Recent research from Greenwich Associates suggests