A MANAGEMENT SHAKE-UP at China's highest-profile local private-equity firm illustrates the growing pains Beijing faces as it tries to nurture a domestic fund industry.

国最引人瞩目的一家私人资本运营公司管理层的人事变动显示了北京在努力扶植本土基金业过程中遭遇的困难。

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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?