在过去30年中，我们见证了金融服务业(比如资产管理，套保基金，并购基金，私募股权，风险投资)在GNP中的比率不断增长。
We have witnessed financial services (think asset management, hedge funds, buyout funds, private equity, and venture capital) grow as a percentage of GNP for the past thirty years.
投资者绝不会在收益仅仅符合市场一般回报水平时向传统基金的经理人支付业绩提成，然而他们却欣欣然的在同样情况下，给予私募股权经理人以业绩提成。
Investors would not dream of paying a performance fee to traditional fund managers merely for matching the market return, yet they cheerfully reward private-equity managers for the same feat.
“他们曾因为反对而退出，但是现在，即便这种冲突依然存在，投资银行还是回到了这一领域，”一家私人股权基金公司的执行官说。
“They retreated because of conflicts, and they are returning despite those conflicts still being present,” says an executive at one private-equity firm.
“他们曾因为反对而退出，但是现在，即便这种冲突依然存在，投资银行还是回到了这一领域，”一家私人股权基金公司的执行官说。
"They retreated because of conflicts, and they are returning despite those conflicts still being present," says an executive at one private-equity firm.
但是近来真正驱动市场的是像对冲基金、保险公司和私募股权这样准备大量收购贷款的机构投资者对此的强烈关注。
But what's truly driving the market lately is a surge in interest from institutional investors like hedge funds, insurance companies and private equity looking to buy up loans.
引导基金参股创业投资企业形成的股权，在有受让人的情况下可随时退出。
Equity of venture capital enterprises held by Guiding Fund can exit at any time if there is any interested assignee.
尽管可以通过买并购基金大捡便宜，私募股权行业还是需要好好工作，好好办事，向投资者证明：他们不代表另一个债务泡沫，他们可以持续赚钱。
Still, private-equity firms now have their work cut out to prove that they were not just another manifestation of an unsustainable debt bubble.
尽管可以通过买并购基金大捡便宜，私募股权行业还是需要好好工作，好好办事，向投资者证明：他们不代表另一个债务泡沫，他们可以持续赚钱。
Still, private-equity firms now have their work cut out to prove that they were not just another manifestation of an unsustainable debt bubble.
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