Yesterday no less an authority than Seeing The Forest's Dave Johnson explored the tangled web binding private equity firm Lazard, its "real estate investment fund" Lazard-Freres Strategic Realty Investors Fund II, and the fund's largest asset -- the Atria assisted living facilities business. In discussing my own post about this terrible story, Dave made a point that I myself hadn't considered:
Martin, I think you have it wrong here. Who is Lazard's customer, in this situation?... Lazard's...
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