Such is the fuss that some boosters extrapolate the rise of private equity even to the death of the public-listed corporation, which they argue has become obsolete.

Giving money to private-equity managers, who then use debt to acquire quoted companies, is viewed in an entirely different light but amounts to the same gamble.

"They know the prototype of player they want," says Martin Acosta, the son of the FEF's head. "they're buying distressed assets as a private-equity fund would."