In the year since The Deal's last conclave on private equity, the take-private wave ended, and a drought of big deals developed. However, the middle market has held up surprisingly well, and even big buyout firms have been finding ways to deploy capital. Kohlberg Kravis Roberts & Co., Citigroup Inc., Cinven Ltd. and BC Partners have all done major deals in Turkey since the credit markets froze, and Blackstone Group LP has made three major investments in India.
Meanwhile, Apollo Management LP's Linens 'n Things Inc. chain is in frantic talks with its creditors, and Cerberus Capital Management LP's seemingly brilliant deal for GMAC LLC is now in trouble because of subprime lending at GMAC's ResCap unit. Meanwhile, the count of PE-backed companies filing for bankruptcy protection keeps ticking higher. All these developments lead to some serious questions. When will the debt markets rebound? What will they look like when they do? And how much carnage will there be in the meantime?
At this year's conclave, keynote speaker Tony James, Blackstone's president and COO, and Ken Moelis, former head of UBS' investment bank, who now runs his own advisory firm, are two of the industry insiders who will address the issues facing the industry. Additionally, others will discuss the middle market in depth and the new phenomenon of sovereign wealth funds. - John E. Morris
See more on Private Capital Symposium
See post about Ken Moelis from Dealscape
See Dealwatch: PE-backed bankruptcy
See story about Linens 'n Things from TheDeal.com
See story about GMAC from TheDeal.com
