The Golden Age of private equity is over. Here is what it means for your career.

Jose Luis Pelaez Inc/Getty, MILANTE/Getty, Ava Horton/BI

• Private equity's slump continues as the business of buying and selling companies remains sluggish.
• Buyout funds recently underperformed the stock market for the first time in decades.
• Here's what it means for those already in the industry and those eager to break in.

Wall Street's "Barbarians at the Gate" are slowing down after nearly 25 years of beating the stock market.

Earlier this month, investment...