When we think of landmark moments that have shaped the private equity industry, our minds are drawn to the dazzling feats (and mighty mis-steps) of fund managers. KKR's acquisition of RJR Nabisco. The rise and fall of TXU. Stephen Schwarzman's birthday parties.
It's easy to forget that the ones really pulling the strings are the limited partners. That couldn't be more apparent today, with pension funds growing to unheard-of proportions and the rise of the likes of Saudi Arabia's Public Investment Fund, which has the power to singlehandedly change the private equity landscape forever.
Here, we map the most significant LP moments of the last 20 years against the backdrop of private equity fundraising and returns generated for investors by vintage.