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poundHaving taken a decade to fall head-over-heels in love with private equity, at least no-one could accuse City law firms of dumping their beloved at the first sign of trouble. Just as well as there’s no shortage of strife in private equity land currently with Candover’s listed owner this week delivering results so dire that genuine questions have been raised about its survival. That one of the UK’s top private equity brands should find itself in such a position would have until very recently been wildly improbable – credit crunch or not. But after a week in which a string of major investments were heavily written down and Candover Investments announced job cuts and the possible closure of its Asian and Eastern European operations, the odds have swung in the direction of the unlikely.

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