In its prime, private equity dominated headlines as financiers armed with billions in debt financing took over massive companies, vanquished management, repurposed employees, and then sold it back to the market for billions of profit. But there were billion dollar flops too (Caesars Entertainment Corp. and TXU), and the biggest PE firms switched their investment strategy. Ten billion dollar plus deals are a rare breed anymore. But private equity is here to stay in another way, and in another asset class: the permanent capital that is real estate.

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