In “Perpetual Cash Machines,” Henny Sender and Stephen Foley of the Financial Times highlight the new “holy grail” that let’s investors get past the constraints of a typical private equity structure and horizon: the elusive permanent capital structure. Short-term, financial engineering plays are “out.” Longer-term holds and operational improvements are “in.” Because the traditional private equity investing structure doesn’t operate beyond a 3-5 year deal timeframe, investors and managers are turning to permanent capital for a longer-term approach.

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