The plight of permanent capital

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Alternative investment managers thought their prayers had been answered. When some firms started listing closed-end funds to access so-called permanent capital, which allows them to extend the duration of their funding to near perpetuity, it looked like a solution they all could use. It isn't.

While several alternative managers have successfully raised funds through the equity capital markets, other well-known players have had deals fail in the initial public offering (IPO) process. Permanent

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