Response to reviewers: updating Alt-Finance with the literatures on patrimonialism, asset manager capitalism, and blocs

Click to increase image sizeClick to decrease image size

Notes

1 There are however notable exceptions: the two largest US private equity funds, Blackstone and KKR, have recently given up their partnership structure to become listed companies.

2 Most alternative investors are remunerated according to the 2/8/20 formula (for instance, see Bourgeron 2019, 248), according to which they receive 2% of fees on the overall amount of funds they manage each year (‘fees’), and 20% of the gains above an 8% threshold when the fund closes (‘carried interest’). The latter component is generally considered by actors as far more significant than the former.