51.   In addition to General Catalyst, other local investors in SmartBargains include Highland Capital, a venture capital firm, and Berkshire Partners, a private equity firm.

52.   In addition, some longtime private equity investors have increased their commitments to the sector.

53.   In a recent newsletter mailed out to clients, Berkshire Partners, a Boston private equity firm, described some of its recent investments.

54.   In private equities, the deterioration of asset quality led to write-downs of investments.

55.   In the next three years, however, institutions expect that international private equity funds and venture capital funds will be the best performers.

56.   In November, Lazard named Gerald Rosenfeld head of investment banking amid speculation he might leave the firm to join Stern, who is building a private equity business.

57.   In the last few years, though, new types of private equity investors have emerged.

58.   Interest in investing in private equity has surged in recent years as some investors have bet the returns will exceed those in the public markets.

59.   Institutional investors, who are increasingly partial to such private equity investments, are putting up the rest.

60.   INVESTING IN TURKEY Financial institutions from Greece, Turkey and the United States have joined to form a private equity fund that will invest in Turkey.