The Harvard and Yale university endowments are among a group of investors that have blocked a deal agreed by a German buy-out fund, highlighting how the balance of power in the private equity industry is shifting back to investors.
The move, which was unthinkable during the debt bubble, shows how some of the world's biggest investors are flexing their muscles with the private equity groups that were once dubbed the “masters of the universe”.
It is one of the first times since the credit crisis started that cash-strapped investors have pushed back against a buy-out deal and stopped it from being completed.
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