A potential shakedown of the private equity industry has dealmakers worried. When it comes to grabbing the attention of limited partners (LPs), the competition among financial sponsors is as heated ever. That’s because, these days, investors are more cautious and less likely to return to large funds a second and third time.

“That’s the theory and it makes sense,” says LP Chris Yang, a managing partner of Grove Street Advisors. “The reality is it’s an enormously sticky industry.”

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