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The general partners, which largely includes pension plans, other retirement accounts,

unions, etc. At this point, Netafees, the returns that they're getting look

heck of a lot like index funds.

Hello and welcome to the Baron Streetwise podcast. I'm Jack Howe, and the voice you just heard

is Joshua Rosner. He's a co-author on a book on private equity that came out this year.

It's got plunder in the title. Actually, there are two books that came out this year with plunder

in the title. It's complicated. We'll come to that. The books say that private equity is harmful

to society. One of them says the investor returns stink too. There's plenty of pushback on both

those points. That's complicated too. Listening in is our audio producer meta. Hi Metta.

Hi Jeff. There's no time for small talk. A lot to get to. Anything you can tell me in two to

three words it's going on? Watching British Bake Off. I take it that's a show and it again.

Oh, now you're disqualified. That's four words. I'm sorry Metta. I was going to go with

cut-own hair. It's just now occurring to me that kind of a slow week for both of us.

Maybe it's just as well that there's no time for small talk. I understand we have a listener question.

Why don't we jump right into it? Who do we have? We have a question from Ray. Where's he from? He

doesn't say. Sounds like California. Let's hear it. Hello Jack. This is Ray and I really enjoy

your podcast and I learn every time I listen to it. Thank you. The question is rather short and

simple. When I invest in a Blackstone Carlisle group or KKR stocks, what am I exactly investing

in? Because it seems like they have high network partners and investors in the fair.

...