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Message: [QUOTE="nelsonmuntz, post: 5033900, member: 833"] I know the PE industry pretty well. I have personally never seen a deal that was contingent on a government entity (like a school) providing a revenue stream (such as student fees) that the government entity was not legally obligated to provide for some service it needed. PE firms invest in revenues and cash flow, not typically a stream of subsidies. The closest I have ever seen to something like this is investing in a business that is dependent on tax subsidies or some other kind of regulatory arbitrage, but even that is a much firmer investment strategy than being dependent on an athletic department's student fee stream. [/QUOTE]