BERLIN :Reality star Kim Kardashian's arrival at a gathering of the globe's top deal brokers in Berlin failed to dispel their dark mood as the rising cost of money puts the brakes on the private equity industry. Flanked by bodyguards, Kardashian drew a crowd of hundreds of executives at the SuperReturn indust
BERLIN :Reality star Kim Kardashian's arrival at a gathering of the globe's top deal brokers in Berlin failed to dispel their dark mood as the rising cost of money puts the brakes on the private equity industry.
But private equity is currently experiencing one of its toughest runs since coming of age in the 1980s as rapid rises in interest rates to combat inflation make the debt that underpins the industry scarce and expensive. The value of private equity-backed mergers and acquisitions in Europe stood at roughly $46 billion in the five months to end-May, down 74 per cent from the same period of 2022, according to data from Refinitiv.
Much of the decline in deals can be attributed to slower processes and failed transactions, such as the recent abandonment of the sale of a stake in Germany's Bundesliga media rights, vetoed after opposition from its soccer clubs. "Europe is doing better than expected...we are seeing opportunity in corporate carve-outs," said Marco De Benedetti, co-head of Europe private equity at Carlyle.
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