It's complicated! Private equity's knotty links with investors

Private equity firm KKR and Canada's largest pension fund, CPPIB, are jointly bidding for Bharti Infratel, a deal which could be India's largest private equity deal ever at around $5 billion. 

But the relationship doesn't end there. CPPIB has long been a big investor in KKR's Asian funds and recently hired Gloria Song, who used to make investments on behalf of KKR.  

Sophisticated investors such as CPPIB and Ontario Teachers’ Pension Plan are staffing up in Asia, inserting themselves into the deal-making mix, learning and building contacts in the hope of boosting their returns on investments.

The result is...