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i would assume the PE funds would be directed to institutional investors or high net worth; again, TROW sees the same clients

fwiw, I had one client with a multi-year lockup - but the fund sucked, and he was trapped for years on end. It doesn't work out for all...he wasn't knowledgeable about it either, and always measured everything not just by the month but the day, and he never took into account past performance (in other words, he was the very definition of the fellow who wanted you to outperform all the time during every single period, never-ending; needless to say, he fired me).
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