A new front opens up in the private equity scrap. Now the NAPF, trade body for employers running pension schemes, is looking into the fees that the industry charges pension schemes, which are the source of an increasingly large chunk of the money fueling buyouts. See this bit in The Observer.
I suspect this is actual quite a fertile area. From what I have read, even private equity practitioners are surprised that investors don't club together to try and put pressure on fee levels.