Despite last summer’s credit crisis, alternative-asset managers – such as private equity shops and hedge funds – are valued at more than 20% assets under management, compared to 5% for traditional managers, the Wall Street Journal Europe reports.

One reason may be that alternative managers charge higher fees, creating more revenue for the managers, and alternative managers trade about six times revenue, compared to four times for traditional fund groups.

Increasingly costly debt will continue to hurt firms like Stephen Schwarzman’s Blackstone Group by making it harder to borrow money for new acquisitions and making it harder to find buyers who can raise enough debt to take the companies at attractive prices.

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