PB: Is private equity a Ponzi scheme?

PITCHBOOK reports:

For anyone working in finance, having your industry compared to a Ponzi scheme is less than ideal, to say the least. Unfortunately, for the private equity sector, this is what it has come to.

Over the past couple of months, two high-profile investors—and a veritable horde of Twitter commentators—have likened some parts of private equity to a Ponzi or pyramid scheme.

Vincent Mortier, CIO of asset manager Amundi, was the first to make the controversial comparison, citing an increase in PE ...