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October 06, 2006 Private Equity - Enough Good Deals Out There?
Private equity is on pace to exceed its all-time annual capital raise by 30% in 2006 reaching approximately $225 billion (Wall Street Journal October 6, 2006). The word is out and the number of funds chasing deals is unbelievable. In fact, after attending the ACG conferences in Seattle and Los Angeles this year, the numbers are quite staggering. There were over 50 funds in Seattle (less than 10 were local) trying to meet intermediaries and chase a handful of deals in the Pacific Northwest. The LA conference had over 150 private equity groups. While the majority of private equity groups are able to clearly differentiate their investment philosophy based on track record, industry focus, and/or deal structure, some seem like 'the cobbler's children'. Its interesting how they clearly understand that the clients that they invest in have a true competitive advantage in the market place, unqiue positioning and a strong management team, yet their own shoes have holes.
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