Candover's fate marks the year of wine and vinegar
Depending on where you sit, for private equity lawyers the announcement that Candover Investments is to go into run-off could be taken as either painfully symbolic of the humbling of Europe's buyout community or symbolic of nothing at all. These are confusing times for private equity advisers, who are trying to find their direction in a year frequently, if somewhat hopefully, described as a "great vintage" for buyouts. Even if such sentiments are pushing it a bit, the logic is understandable. Private equity has traditionally done its best deals in terms of investment returns when the market is down, largely because the acquisitions that get done in tough times only get done if they have a compelling logic rather just than the backing of oodles of cheap debt.
These are confusing times for war-weary private equity lawyers
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