Private equity funds have been viewed as one way to help the mining industry out of its cyclical funding morass and speed up the stalled development of mining projects. My discussions over the past fortnight in Asia have convinced me that there may be the odd deal her and there but, mainly, private equity investors are greedily looking for a free ride from the mining industry while cheekily complaining about potential investments not being up to scratch. This is the theme of my commentary in the latest PortfolioDirect investment report. (VIEW LINK) The unwillingness of private equity fund managers to back exploration reduces the chance of ever finding projects with the investment characteristics private equity typically seeks. Private equity funds will face a rising risk of their investors withdrawing capital. To avert that possibility, funds will have to modify their shopping lists. A preparedness to accept higher risk will become necessary. Without such an adjustment in approach, private equity investors can be treated by the mining industry as mostly talk unmatched with action.