Side Letter: What LPs really want; Ares’ Landmark losses; Maxwell's next venture

Do specialist funds perform better than the generalist ones? Referring to the 2021 HEC Paris - Dowjones Small-Cap Buyout Performance Ranking, Private Equity International explains that it isn't the case. Oliver Gottschalg, who designed the ranking and teaches at HEC Paris Business School, explains: "Sector focus or diversity are neither a necessary nor a sufficient condition for success".