The private equity industry does not merely prefer secrecy.It requires secrecy. Without opaque valuations, manipulated benchmarks, hidden fees, and misleading performance metrics, the industry’s excessive fee structure could not survive in a competitive marketplace. That is the uncomfortable truth at the center of the Department of Labor’s proposal to open 401(k) plans to private equity … Continue reading The Private Equity Business Model Depends on Secrecy, Fake Benchmarks, and Fiduciary Illusions