The public relations problems of private equity firms have been much discussed here. Here's a very good response: Citigroup and the Blackstone Group have announced the launch of a $5 billion venture with India's Infrastructure Development Finance Company. The group will provide investment money for roads, power plants and other public works projects in the country. If private equity funds can demonstrate that they are on the side of the people--working with local partners and government entities--they will do a lot toward easing anxiety about other investments. This is really a communications issue. Now, if they can turn a modest profit at the same time, all the better.

For more on the venture:
- here's an AP update