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Making It Public

Hedge fund IPOs are the latest European export. But along with capital and credibility, a stock-market listing can bring volatile share prices and more pressure to perform.

In August 2005, under a blue alpine sky, the 29 senior executives of Partners Group were navigating the steep climb from Lake Lucerne to the tiny village of Isenthal, Switzerland, perched some 8,000 feet up the mountainside. Co-founder and executive chairman Alfred Gantner was less anxious about the grueling hike

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