It was a great revelation coming across this very interesting recent article at NY Times (http://www.nytimes.com/2009/11/05/business/05buyout.html?ref=global) that supports my belief that large Private Equity deals don’t work that well (I’m sure that there should be other practitioners and research pointing out to this; I’m not claiming the authority here). The reason is that it’s just too difficult to move around this 800 pound gorilla in the room (although the good fees in trying to do so). Other reasons is that there might be difficult to re-float a large investment in stable or even decreasing capital markets (taking into consideration demographics and other factors) while increased supervision over large funds may further increase effectiveness and increase operating costs. Private Equity I believe is more relevant in small-middle market where knowledgeable experts can leverage their experience in business practices and financing. That calls for a specific structure, business model and skill set in private equity funds and maybe some restructuring in the sector. Prospects are really unparallel in middle market cross-border investments taking advantage of unavailability of funding but economic growth in overseas markets. However this trend has to overcome the lack of knowledge/experience in foreign markets and the necessity to build economies of scale and internal structures to make PE work efficient.
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