But foreign firms are scrambling for their own share of the African private equity market.
FORBES: Rock Star Bob Geldof Raises $200 Million To Invest In Africa
The U.S. private equity market returned 8.1% over the same ten-year period.
The private equity market is already flooded with money, real estate seems pricey and attractive opportunities in the high-yield market are fewer and fewer--though there's always overseas.
They have been one of the worst-performing parts of the private-equity market since 2007, according to Dr DePinho.
The secondary market for private equity assets appears to have strengthened radically this fall, along with the dramatic rise of the stock market and as non-traditional players have emerged as interested buyers in the secondary market for private equity fund stakes.
The Greenwich, Connecticut-based middle-market private equity firm is shifting its strategy to consumer products from industrial companies, says Ian MacTaggart, managing partner.
"HMC has been an active buyer and seller of private equity on the secondary market during the past year, " Mendillo said in a statement to Forbes.
The company describes itself as "one of the world's leading mid-market private equity firms", and has its headquarters in New York with other offices in London and Paris.
All business owners, particularly small fries, should operate their businesses with the knowledge that their vendor or customer could get acquired at any time, said Peter Hermann, a founding partner of Heritage Partners, a middle-market private equity firm.
Harvard loaded up on illiquid stakes in private equity partnerships, emerging-market stocks, timberland and other commodities.
Mendillo also bought private equity assets on the secondary market in the last year.
It also shows that Harvard sold private equity assets on the secondary market, quite likely when the market was weakest.
Driving prices down further are stressed endowments and pension funds looking to dump their private equity stakes in the secondary market.
FORBES: Will stressed firms sell their stakes for a song? Bet on it.
"I see no reason to think this is going to end, " Morphy said of the frenzied market for private equity and other deals.
Mendillo says she is "satisfied with the pricing we have achieved, " adding that Harvard also bought private equity assets in the secondary market.
Over the last few months, financial news networks have focused their attention on the increasing number of IPOs being brought to market by private equity investors.
Good thing, because the market for existing private equity appears to have rebounded radically this fall.
Another option might be to use prices in the secondary market for private-equity stakes and portfolios.
Defenders of Harvard's portfolio argue the secondary market is discounting private equity stakes too much.
Harvard has oversize positions in emerging-market stocks and private equity partnerships, both disaster areas in the past eight months.
It made light bets in plain old stocks and bonds and went hell-for-leather into exotic and illiquid holdings: commodities, timberland, hedge funds, emerging-market equities and private equity partnerships.
But on paper Ben Bernanke, cheap debt, and a rising stock market have rescued private equity from suffering a complete disaster from the buyout boom of 2005 to 2008, when private equity firms raised and invested unprecedented sums of cash.
FORBES: The Great Private Equity Comeback Is Complete--At Least On Paper
There's one more argument the critics often make against guidance: It puts so much pressure on companies that they abandon the U.S. equities market and seek out private equity or foreign listings.
That's a nice way of saying that during recent years the Harvard Management Company, the university's investment subsidiary, diverted large portions of the university's endowment assets out of safe but poky low-yield securities (as of last June fixed-income investments accounted for only 16% of Harvard's portfolio) and into what this Forbes story describes as "exotic financial instruments": derivatives, hedge funds, private equity partnerships, commodities and emerging-market equities.
The U.S. private equity firm already has investments in Whole Foods Market, J.
Private-equity firms focusing on the mid-market face their own challenges, however.
ECONOMIST: Mid-sized private-equity deals: When less is more | The
In our previous posts, we discussed how a backlog of uninvested capital and a friendlier debt market will help fuel a private equity comeback.
The experts I talked to say the chances of Tilton floating a new CLO in this market or raising a new private equity fund are slim.
FORBES: Lynn Tilton's Financial Empire: More Details, More Trouble
This is a nexus of private-equity and hedge funds, money-market funds and auction-rate securities, non-banks such as GE Capital and new securities such as CDOs and credit-default swaps.
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