A growing segment of our population doesn’t seem to believe that entrepreneurial success is beneficial to society.

That seems like an odd statement. Many politicians and elected officials espouse an affinity for success. Again and again, in speech after speech, we hear their promises to do all in their power to support and strengthen the concept of innovation and personal success. But do they?

If the frequency with which a word is used is an accurate measure of its place in society, then every reader of the Wall Street Journal and the Financial Times could likely conclude that the financial media and society at large are obsessed with recessions.

Recent events in both the United States and Europe have shocked the investment world.

The rapid collapse of Silicon Valley Bank, Silvergate Bank, and Signature Bank all in the United States and all within a matter of days, produced a fear that a full-scale U.S. banking crisis was about to unfold. And before investors could absorb the significance of those domestic bank failures, a 167-year-old institution and one of the leaders throughout the World – Credit Suisse – was acquired by its arch competitor, UBS, in a hastily-arranged merger negotiated at the urging of the Swiss government.

In the eyes of many SFOs, private equity has lost much of its luster as an asset class. Once a darling of investors, with wealthy families competing to gain access to 'marquee' funds, today many family offices have become disillusioned and regret earlier decisions to participate in these funds. Nevertheless, they still search for an above market rate of return on their invested capital which has led them back to private equity but via a different path.