Therefore, he feels that returns should be calculated using private equity industry standards versus mutual fund industry ones.

FORBES: Chasing the Mirage of Hedge Fund Returns

For Feinberg and Cerberus, one way around this problem was to invest in an industry that most pension-fund backed private equity firms dared not touch.

FORBES: For Press-Shy Cerberus, Gun Industry Investment Brings Unwanted Attention

In a series of posts over the coming weeks, we will describe how the interplay of macroeconomic conditions and circumstances unique to the PE industry are influencing private equity investments, exits, fund-raising and returns.

FORBES: Where Is Private Equity Headed In 2012?