In private equity, 'break-even' sometimes can be a win.
FORTUNE -- Sometimes the best private equity strategy is to wait it out.
Several years ago, Madison Dearborn Partners was really sweating its June 2007 decision to lead a $6.4 billion acquisition of Chicago-based mutual fund manager Nuveen Investments. The deal had been done at a 20% premium to where Nuveen was trading, even though the stock markets were at record highs. Soon MORE
