New buyout strategy for pension funds?
There is a wrinkle developing in the overall theme of depressed buyout markets, and especially difficult exit conditions. And it’s hardly a positive one. According to news reports, leading pension funds which used to be stalwart independent executors of buyout transactions are now pulling back from direct investment and pursuing more partnership deals with buyout firms. Higher borrowing costs have also reduced the allure of direct investment deals. Canada’s Caisse de dépôt et placement du Québec has already launched a strategic...
