Concerns with past deals that were over-priced and over-leveraged (with the benefit of hindsight) are very considerable. Understandably, this makes it hard to look forward, but unless the industry does just that there will be paralysis. A wholesale renegotiation of the covenant between limited partners (the investors) and general partners (the managers), on both existing and future funds, needs to take place or paralysis may turn into rigor mortis for some of the existing players.
过去那些定价和杠杆率均过高（事后来看）的交易引起了人们极大的担忧。可想而知，这种担忧使私人股本行业难以向前发展，但如果止步不前，该行业将会陷入停滞。现有及未来基金的有限合伙人（投资者）与普通合伙人（基金管理人）有必要就双方之间的契约彻底重新谈判，否则，对于某些现有的参与者来说，停滞可能会转化成死亡。
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