Joe Bae, co-chief executive officer of KKR & Co., during the Global Financial Leaders' Investment Summit in Hong Kong, China, on Tuesday, Nov. 4, 2025.Private equity fund managers are bracing for a wave of consolidation as investors demand higher returns and stronger governance, forcing a shakeout in an overcrowded industry, several industry veterans said at a high-level finance summit in Hong Kong on Tuesday."How is it that there are more private equity funds in North America than there are McDonald's fran ...