Summary List PlacementPrivate equity is notorious for the high management fees it charges investors. Ludovic Phalippou, finance professor at the University of Oxford Said Business School, sent shockwaves through the industry last year when he published research saying that fund fees were minting multibillionaire managers at a breakneck pace, all while the funds were failing to outperform the public market. New research from private capital data provider Pitchbook shows that private equity may be more than the "billionaire factory" Phalippou claimed, after all.