Side Letter: Meet PEI’s Future 40; Carlyle, Ares earnings; Apax’s carry

Welcome back! This morning, Private Equity International unveils its annual ranking of the industry's most influential rising stars. Plus: Carlyle and Ares share their respective experiences of this year's congested fundraising environment and Apax has joined the impact-linked carry club. Here's today's brief, for our valued subscribers only.

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