Allianz Capital Partners, the private equity business of the German insurer, seems pretty comfortable bucking one of the most important trends in the buyout industry of the last decade.

Feeling stung by high fees, many investors are trying to build out their own buyout capabilities, bypassing fund managers and doing their own investments. Allianz, however, in 2009 decided to end its direct investment activities with the exception of infrastructure and renewables and invest via private equity managers.