In most industries, the largest customers can demand better terms from a company when they place big orders. But in private equity, investors have for many years been prepared to accept the same terms, however much they invest.
This is now changing, according to some of the world's biggest buy-out bosses.
David Rubenstein, co-founder of the Carlyle Group, told last week's Super Return conference in Berlin that big investors were starting to ask for special terms on custom accounts tailored especially for them.
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