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Mark Vandevelde is the US private capital correspondent at the Financial Times. He writes about Wall Street, focusing on Apollo, Blackstone and other “private capital” firms that are displacing banks and the stock market as engines of the US financial system. Before that, he was executive editor of the FT’s op-ed page. He began his career as a consultant at Bain & Company and an associate at Hg, the tech-focused European buyout firm.