When faced with criticism of its role in markets and society, the private equity industry has always been able to point to net returns as the ultimate vindication. In 2020 that won’t be enough.

Investors should pay attention to how GPs capitalize their own investment in a fund because it raises questions about their real ‘skin in the game’.

Bipartisan words of support for private equity suggest proposed legislation that could devastate the industry would be unlikely to survive Congress – possibly even the House. That doesn’t mean the fight won’t get louder and uglier.