Vintage 2010 ripens into above-average performer

It was early 2010 and the industry was wiping its brow after surviving the financial crisis with only a few scars. Institutional investors remained parsimonious. Both new deals and exits were sparse. New Mexico State Investment Council had just endured a pay-to-play scandal. Buyout firms faced the grim prospect of having to register as investment advisers with the SEC.

Commentary