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How Some Private-Equity Managers Collect Big Fees on Paper Gains

Wall Street Journal Markets •
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We need to output valid JSON with fields: seo_title, summary, key_entities, expert_faq, internal_link_anchor, primary_keyword, secondary_keywords, content_type.

Constraints:

- summary must be 180-250 words total across 3-4 paragraphs separated by \n\n. Each paragraph 45-65 words. So total 180-250 words. Must be polished human journalist style, anti-AI rules, no banned words, no filler, no banned closers, etc.

- Must bold a few key details using double asterisks. Exactly 3-5 bolded terms across entire summary. Must be selective. Bold only key entity names, critical dollar figure, or most important fact. No bolding generic words. Must have at least some bold, but limited to 3-5 total bold occurrences (terms). Each bolded term counts as a separate bolded phrase? They said "bold only the most newsworthy specifics: a key company name, a critical dollar figure, or the single most important fact. Aim for 3-5 bolded terms across the ENTIRE summary". So we need to bold up to 5 terms, each term could be multiple words? Usually bold formatting uses text. So we can bold e.g., Step Stone Group, $185 million, 43% return, illiquid assets, $271.3 million incentive fees etc. But we need exactly 3-5 bolded terms across entire summary. Let's plan to bold 4 terms. Each term can be a phrase. Must be within the summary text. Use double asterisks around them.

- Must not exceed 250 words, must be at least 180 words. Must be 3-4 paragraphs, each 45-65 words. So we can have 4 paragraphs of ~50 words each => total ~200 words.

- Must end with a concrete statement, not forward-looking platitude. So final sentence should be concrete, maybe "The fund’s fee model raises questions about future investor returns."

- Must not use banned vocabulary or filler. Must vary sentence starters, avoid starting every sentence with "The". Must use active voice, be specific, avoid hedging beyond necessary.

- Must not use markdown code blocks or explanations. Output only valid JS