Private equity was the best performing asset class in 2016, which has led to and been fueled by massive inflows of institutional capital. As the industry bifurcates into mega funds and niche shops, will high returns become increasingly scarce? In this panel, top investors from a wide range of institutions discuss the reasons behind these inevitable trends and where to find a competitive edge. Panelists include Dale Hunt, managing director at Ascension Investment Management; John Heneghan, investor at Equity Group Investment, a single-family office; Tristram Perkins, managing director of Neuberger Berman; and Josh Stern, director at Robert Wood Johnson Foundation. The panel was taped during Trusted Insight's Alpha Conference in San Francisco on Jun. 14, 2017.