Private equity has rarely been out of the media spotlight this year, with high-profile take-privates of household names and a Treasury select committee interrogation of the industry’s key players. And then, of course, there was the credit crunch.
The most obvious impact of the credit crunch has been the end of easy supplies of cheap debt, which has signalled an end to the fervent deal activity seen at the beginning of 2007. Despite this the industry remains robust, albeit the eye-watering mega-deals that had become its mark have been put on indefinite hold.
The global nature of the industry continues to develop with the traditional distinction between US and European buyout firms becoming ever-more blurred.
Twin-track exits remain a key strategy in many private equity exits, but as this Private Equity Special Report examines, it is vital to formulate a coherent exit strategy from the outset.