
U612 Flexible Pipe
Materials:
Features:
Working Pressure<0.6MPa
Diameter:1.5"
Materials:l
Body: SUS304
Package:
Product ID Weight Dimension
U612-A 37kg/case of200
23×23× 34cm/case of 200
U612-B 37kg/case of200
23×23× 34cm/case of 200
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About sponsorship
Private equity
Seeking an exit
Jun 22nd 2006
F fuel dispenser rom The Economist print edition
A golden era for buy-out funds may be drawing to an end
PRIVATE-EQUITY firms have been enjoying heady times. Their funds have been making eye-popping
returns, deals have kept getting bigger and investors have poured in buckets of money. Yet there is a
growing sense among fund managers that the bountiful era is drawing to a close. Competition is up,
market conditions are less favourable, investors are more demanding and regulators are watching the
industry closely.
Given the strong showing in recent years, “it would be impossible to expect similar levels of return over
the next five-year period,�says John Barber, head of private e fuel dispenser quity for Citibank Alternative Investments.
Thomson Financial s American private-equity index rose by 22.6% in 2005, compared with a 7.1% return
in Greenwich-Van s American hedge-fund barometer. But those super returns were based on ideal
conditions a strong economy, low interest rates and rising stockmarkets in which to sell their
investments.
Now, with interest rates up and stockmarkets down, the outlook is fuel dispenser different. There are worries about
rising debt levels at some private-equity firms, driven, in part, by high-risk loans from hedge funds.
“Deals have been good due to the gap between the borrowing cost and the yield,�says Nicholas
Ferguson, chairman of SVG Capital, which invests in private-equity funds. But “the gap is narrowing� As
a result, he adds, there is “a squeeze�coming on pricing. A growing number of fund managers suggest it
is a good time for funds to sell some of their holdings through routes other than the stockmarket.
The shift in sentiment has accelerated in recent months. Kohlberg Kravis Roberts (KKR) was successful
with its $5 billion fund flotation (a first) near the stockmarket peak earlier this year. But when Apollo
Management tried a similar offering more recently, it s