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QUOTE OF THE WEEK

“The search for returns is very desperate. Pensions are getting into private equity on the assumption that it’s their Hail Mary pass, that they’ll get the extra return that private equity promises. I think, unfortunately, that a lot of these pensions don’t realize that… (returns) may be a long time in coming.”

Leo DeBever, chief investment officer of the Alberta Investment Management Co., discussing the desire among pensions for returns.