The erosion of value in equities since the past year has presented first-time private equity funds opportunities to invest in potential blue-chip companies. But, converting such openings into deals may be some distance away for these first timers, who are having a tough time raising funds amid worsening macro-economic conditions and waning risk-appetite of potential investors. Industry officials and watchers said limited partners (LPs), which are institutions that back private equity funds, are being very choosy about investments in first-time funds and are preferring to put money in established funds.   more »