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Article: Restoration; Private equity.(Private-equity firms target the finance industry)
- Article from:
- The Economist (US)
- Article date:
- April 12, 2008
CopyrightCOPYRIGHT 2008 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The kings of capitalism want their thrones back
SOVEREIGN-WEALTH funds did not do it. Joe Lewis, the billionaire investor who bet and lost on Bear Stearns, definitely did not do it. Will private-equity firms be any more successful at calling the end of the credit crunch?
They seem ready to do so. TPG, a large buy-out group, led the $7 billion injection of capital into Washington Mutual (WaMu), described in the previous story. TPG is also among a trio of big-name private-equity firms (Apollo and Blackstone are the others) that are reportedly negotiating with Citigroup to snap up $12 billion-worth of leveraged loans that have been stuck on the bank's ...