Things are looking up for private equity firms, on the portfolio company front. There will be some high-profile exits in the near future. 

Unfortunately, some top private equity firms are gearing up for some potentially bad news on another front. Limited partners are getting restive about their shabby treatment and want to do something about it.

The Financial Times reports that 220 investment groups, including some big name pensions, have formed the Institutional Limited Partners Association. They will agitate for stronger governance and a fairer split of fees and profits--and all those add-on fees that some funds keep for themselves. One could argue that this is coming too late. The industry was more vulnerable about a year ago.    

For more:
- here's the article

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