Looking back, few in the European private equity industry will remember 2009 with much fondness. It is plainly clear that last year marked a low-water mark for the industry, so reliant, as it was, on the availability of cheap leverage that fuelled the buyout boom. And, as debt capital markets imploded after Lehman Brothers’ bankruptcy, private equity’s fall from the heights of the pre-crisis period was no less spectacular than the very investment banks that funded the dealmaking frenzy.
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