If wishes were horses, beggars would ride. 3i has a list of businesses it hopes to sell in 2013. As do many private equity businesses. It is their fate to have a business model that predisposes them to invest at the top of the market and seek disposals when asset prices are weak.
At least veteran banker Simon Borrows, who replaced Michael Queen as chief executive last year, is a realist. He aims to sell businesses worth €2bn or so via trade sales.