The private equity industry is young and evolving. The jury is still out on what fraction of equity investments should be in permanent capital / publicly-traded form versus limited-life capital / private form. The traditional fee and carry model will eventually embrace significantly reduced GP compensation for certain types of private investments. The jury is also out on how the pioneering founders of great private equity franchises will effect leadership and ownership succession. Regulations have impeded the masses from earning premium returns as liquidity providers by investing in private equity, and product innovations and pressure on regulatory regimes will inevitably change this.