The following appeared in June’s Business Diary Botswana:

Private equity (PE) has long been considered a viable way to achieve risk-adjusted returns that exceed those possible in the public equity markets (though per University of Chicago scholar Steven Kaplan, during the three decades ending in 2005, the average private equity firm’s annual return was no better than that of Standard & Poor’s 500 stock index). Accordingly, institutional investors include private equity (or even funds of funds) in order to concurrently achieve optimal diversification and risk premia. And while such “limited partnership interests” demand that investors lock-in their contributions for an appreciable time period, such that general partners can commit to any number of strategies, in recent years the once highly illiquid asset class has given way to a vibrant secondary market available for sellers of private equity assets, which in turn has spread risk and further fueled

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I've been reluctant to make any meaningful investments in India because of the woefully inadequate infrastructure (roads, utilities, airports, public transportation, etc) and the extreme poverty. Here is a story about the pathetic poverty in India. The state government of Kolkata (formerly known as Calcutta) has banned the human-powered rickshaws as inhumane, At 44 cents for a 15-minute trip, these human mules struggle to make a few dollars a day.