Daniel Gross catches an interesting fact calculated by Steve Kaplan:

Daniel Gross: January 08, 2006 - January 14, 2006 Archives : HAPPY RETURNS: Steven E. Kaplan of the University of Chicago, perhaps the leading academic expert on private equity, and Antoinette Schoar of M.I.T., conclude that, after accounting for fees, the average private equity firms essentially turns in the same performance of the S&P 500.