Alternative Flight Plan

The founder of Goldman, Sachs & Co.'s private equity group is dismantling traditional asset classes at Lincoln Vale, his new firm, but are institutional investors ready to open their checkbooks?

For several years in the late 1990s and early 2000s, the titans of the private equity industry gathered on a beach in Nantucket, Massachusetts, in June for the Goldman Sachs Private Equity Convocation and Clambake. Attendees arrived on the island on a Monday evening and congregated under a tent by the ocean, feasting on lobsters, clams and crabs.

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