By Mark Bishop
The simple cash that flowed in the course of the banking approach ahead of 2008 fueled a growth in buy-outs. Now it truly is long gone, how will the non-public fairness reinvent itself? a chain of interviews with essentially the most revered and cutting edge organisations, supply infrequent insights to the suggestions that might force this secretive area over the following financial cycle.
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Additional resources for The Future of Private Equity: Beyond the Mega Buyout
JM: Yes. But it happened. MB: That touches on the question of whether the bad reputation that the public now bestows on private equity is largely the fault of the banks, because in making the big loans, it could be argued that bankers were acting irresponsibly by being driven by commission that was paid, as the money went out of the door, rather than being based on than the actual returns made by the banks, which were contingent on those loans actually being honoured. JM: It’s a bloody reality.
28 The Future of Private Equity I think the other important change that’s come through is that you’re getting a second generation. People like Ronnie Cohen and I, who were involved at the beginning are sort of out of it. We’re part-timers now. Not all: [KKR co-founder] Henry Kravis still goes to work every day, though whether he’s investing or buying Monets I don’t know; certainly Leon Black [founder of US buyout and turnaround ﬁrm Apollo Global Management] goes to work every day. You’ve also now got quite a lot of spin-outs: people who’ve come out of the larger ﬁrms for good or bad reasons and want to set up on their own.
The very large ﬁrms at the moment really don’t represent a competitive threat. There have been one or two twitches towards it in the USA – you’ll have seen the litigation that’s going on there. The banks, on the other hand, the returns that are available for the individuals in the banks regardless of what the returns are for the shareholders, because actually nobody really knows what that number is, including the shareholders, imply that there isn’t adequate competition in the marketplace. MB: So there needs to be more competition?