Here’s a normal thing that happens. You buy a house, renovate it, throw a housewarming party, and you stay there. For a long time. Pretty typical, right? Well, yes. But what if the people who lent you money to buy the house don’t get repaid until you sell? If you hang on to the property, they’re stuck. That, in a sense, is the situation in which the private equity industry finds itself. The firms are holding on to the businesses they acquire for increasingly long periods, and their investors...