The author lays out a general rule that if a bet has a complex payout structure, then it is a scam. Them he applies this to PE deals without giving an example

The author lays out a general rule that if a bet has a complex payout structure, then it is a scam. Them he applies this to PE deals without giving an example of a complex payoff structure. The reason that he doesn't give an example is because the payoff structure to PE deals is simple. If the company increases in value, the PE firm wins. If it goes down, they lose. I think the author here means "scam" in the sense of "a bunch of people are making a lot of money doing something I don't understand, and I'm not getting any of it."