TPG Called Out for Lack of Diversity by Pension Official

The transcript discusses the role of public pensions in private equity, highlighting their influence and the pressure they face from members to question private equity practices. It features Robert Smith, a prominent African American investor, who shares his experiences with diversity challenges in the industry. The discussion also touches on the clubby nature of private equity and its slow progress towards diversification. The full interview with Robert Smith is available on the David Rubenstein Show.

In what ways has the private equity industry been described as 'clubby'?

What message did Robert Smith convey about the need for diversity in private equity firms?