Sell Signal?
U.K. Law Firm Reported Mulling Launch Of
Private Equity Fund Of Funds

 Institutional Investor’s Hedge Fund Daily reported recently that “U.K. law firm Clifford Chance is taking, well, a chance, by launching an in-house fund of funds.” The II offshoot’s item quoted The Lawyer magazine as explaining that the law firm's partners will be permitted to co-invest alongside its private equity clients in "a 10-year illiquid investment."  Hedge Fund Daily then went on to list several potential glitches in the deal, basically revolving around lawyers’ lack of allure as investment partners. The kicker, though, was a quote the legal magazine apparently elicited from an inexplicably unnamed source, which brought the article to a close:  "The minute I hear lawyers have discovered a wonderful new investment is the time to sell." To which HFD added, “Ouch.”
Indeed. It’s also another sign of a top.
KMW