The speed in which the heat has gone from the leverage finance market has left most participants reeling. Indeed, had IFR held this roundtable prior to the summer then the conclusions would have been very different. Before the summer the position of the private equity industry looked unassailable. Dubbed the new masters of the universe, the industry’s ability to raise new debt meant that none but the largest of listed corporates were safe from PEs predatory advances. In the US buyouts in the tens-of-billions of dollars were agreed on a...Read more