FT series
In a five-part series, the FT looks at how buy-out firms are finding new ways to put their capital to work, one year on from the start of the credit squeeze
Private equity
Resources
Europe’s private equity herd thins out
Moves by Candover, Apax and PAI underline the grim outlook for the big buy-out groups, which once dominated the M&A market but now struggle to do deals
Investors agree to cut PAI fund by half
Vote frees up buy-out group for deals
Candover abandons €3bn buy-out fund
Blow to private equity industry
CIC in €800m offer to Apax
Move shows China eager to invest abroad
Carlyle sued by Kuwaiti group over fund
Alleged misrepresentation of affiliate group CCC
Related content and features
Dealing with the squeeze
Investors critical of stakebuilding
When 3i floated its £400m Quoted Private Equity investment company in June 2007, some observers saw it as a poorly timed move
Concern over debt purchases
TPG’s profit on its share of Alltel’s debt illustrates a potential conflict of interest when private equity groups purchase debt at discounted prices in buy-out deals
Escaping the financial lock of bolt-ons
The Emap acquisition by Apax Partners and GMG highlights the difficulties of pursuing a buy-and-build strategy
Reward is worth risk for emerging market gurus
Western private equity executives monitor the situation in South Ossetia with particular concern after a $2.7bn spending spree in Russia
Perfect partners find matches blocked
Buy-out bosses say there are political and financial obstacles to investing in the financial services sector
Comment and Analysis
Private equity commitments
The fees were nice while they lasted. The days when private equity funds could sit on dry powder, collecting 2% management fees on colossal funds are over
Private equity risks getting its priorities back to front
It is never pleasant to see investment bankers licking their lips. New Look’s position on a potential initial public offering will have them positively slavering
Private equity set to become a weapon of mass destruction
Logic suggests a lot of companies owned by private equity must be on the point of expiring under the weight of their debt. But the bankruptcy rate, though rising, is still historically low
Blackstone and AB InBev
This expected deal is a shadow of those from just a few years ago, but it is a sign the private equity industry is continuing its slow rebound
A new battle looms on Wall Street
Competition in underwriting from the likes of KKR and Citadel could turn out to be a lasting development, writes William Cohan
PAI confident of strength as Monier slips away
Chief executive Dominique Mégret argues that, while some PAI companies are being buffeted by the recession, it is protected through dividend refinancing
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