"Are private-equity firms calling the end of the credit crunch?SOVEREIGN-WEALTH funds did not do it. Joe Lewis, the billionaire investor who bet and lost on Bear Stearns, definitely did not do it. Will private-equity firms be any more successful at calling the end of the credit crunch? They seem ready to do so. TPG, a large buy-out group, led a $7 billion injection of capital into Washington Mutual (WaMu), a Seattle thrift that grew into America?s sixth-biggest bank and came a cropper in subprime mortgages. TPG is also among a trio of big-name private-equity firms (Apollo and Blackstone are the others) that are reportedly negotiating with Citigroup to snap up $12 billion-worth of leveraged loans that have been stuck on the bank?s balance sheet since the credit markets froze. A deal may be announced when Citi reveals first-quarter results on April 18th. ..." (2008-4-10)
April 10, 2008
The comeback of private equity
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