The Berkshire Hathaway Inc. chairman and chief executive officer said firms make their performance appear better than it is. Firms will include money that’s waiting to be deployed, such as funds sitting in Treasury bills, when charging management fees. But they’ll exclude those funds when calculating the internal rate of return — the performance measure in which most funds are judged, Buffett said.
Representatives for the largest private equity firms either didn’t immediately respond to a request for comment on Buffett’s allegations, or declined to comment by deferring to the American Investment Council lobbying group.
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