Most people in the industry know that a good chunk of funds blow up when they scale up from $100 million to $500 million AUM. I was wondering if there are any studies out there that actually break down historical private equity returns by AUM. Most studies I've seen on historical returns simply break it down as stocks, bonds, PE, HF, etc. From my limited experience, I'd say a PE fund with billions under management is almost a completely different asset class than one with
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