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Carlyle’s “How the Global Credit Meltdown has Changed the World of Private Equity — For the Better”

The Super Return conference in Germany just wrapped up.  Over 1,200 attendees from the global private equity community gathered to bemoan the state of the industry.  Here are a few notable quotes:

“You have to accept the fact that transactions will be smaller and have far less leverage — that’s a fact.  Traditional buyouts are essentially dead for the time being due to the lack of financing.  That means all of us have to adapt. We have to change the way we’ll do business. If we don’t, we’ll be left out”  Henry Kravis, co-founder of New York-based private equity giant Kohlberg Kravis

“Traditional buyouts are essentially dead for the time being due to the lack of financing.  The big public-to-privates are gone in the way of the dodo.”  Leon Black, founder of Apollo Management LP

“My guess is much of the money allocated to private equity in 2006 and 2007 will probably get negative returns. So what should the attitude be in 2009 and 2010 when exits will be few and far between? There is no point in pretending that there are not questions about investing-but it seems to me bizarre that we would avoid the asset class that has fallen the most. In the history of investing it is in the downturn that people have made money the most.”  Guy Hands, founder of U.K. buyout shop Terra Firma

David Rubenstein, Co-Founder and Managing Director of the Carlyle Group did an excellent job summarizing the state of the industry and Carlyle’s recommendations in his presentation entitled “How the Global Credit Meltdown has Changed the World of Private Equity — For the Better.”  Thanks to Dan Primack at PE Hub a copy of Rubenstein’s presentation was made available on SlideShare.  Check it out below.

 

 

View more presentations from danprimack. (tags: finance business)

If you are interested in what my thoughts are on private equity in 2009 check out A 2009 Prescription for Venture Capital & Private Equity .  For some more fun compare Rubenstein’s presentation to the infamous Sequoia Capital ‘Rest in Peace Good Times’ presentation from last year.

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