Large Backers of Private Equity Are Asking For Their Money Back

Some of the most influential investors are giving the world’s largest private equity firms a message: if you want money for your next fund, here’s our list of demands.

Sovereign wealth funds and state pension providers are among investors telling money managers they’ll only commit in their upcoming fund raises if their capital tied up in old funds is released, according to people with knowledge of the matter.

Additional requests range from fee discounts and more co-investment opportunities, to greater information rights and representation on committees, the people said, asking not to be identified because the requests are private. Some ...