The
Deal's assistant managing editor John E. Morris kicked off The Deal's Private
Capital Symposium this afternoon at New York's Sheraton Hotel & Towers.
More than 100 conference attendees gathered for Morris' opening remarks. "This
is really private equity's era," he said, citing the formation of
megafundraising a few years ago, which led to the recent spate of historical
dealmaking.
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"PE has just come on the public radar," Morris said as he discussed what he
called a new category of deal
—the
megatake-private.
There have been 29 this year alone. It's amazing, he noted, how few of them ever
result in any counterbid.
PE has also come on the public radar since the last conference, Morris noted,
primarily due to the big brand names familair to mainstream America.
The IPO of Fortress Investment Group LLC and Blackstone Group LP's filing have
also forced the industry out from the curtain, somewhat unwillingly.
So what's not to like about these times? Morris asked. Debt markets are one
cause for alarm, with the subprime market as a cautionary tale. Plus, the
mainstream press has taken an unfavorable view of private equity.
Clearly, there's a lot of grist for conversation the next two days.
—Tom Groppe
