Large buyout funds are a staple ingredient in many institutional pension funds’ private-equity portfolios. It is easy to see why – pension fund investors often need to write big cheques to keep pace with their allocations, while also maintaining reasonably concentrated portfolios. Therefore, investing with well-known private-equity firms with a history of solid, if not stellar, performance where access is not a problem even for the largest investors in today’s fundraising frenzy, makes ...