[subtlejellyfish]

Significant meaning many PE funds are overwhelmingly (like 75+%) funded by pensions and sovereign wealth funds.

Its been awhile since I worked there, but CalPERS and CalSTRS were the two biggest LPs Blackstone had while I was there.

[regularization]

Right, but the CalPERS is sliced into over 2 million pieces, whereas a family office or gulf sovereign wealth fund has much less divvying up. It looks big until you see it has to be divided 2 million ways, as opposed to maybe 20 ways with a family office. The distribution is unequal. But most asset classes are like that, although less so for a single family house.