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Quotes of the month

"History tells you that the dollars you put to work at this stage in the cycle are very attractive. Buying larger equity stakes does not mean that you are oversizing – it just means that you are buying at a different point in the cycle"

Jim Coulter of TPG, one of the founding fathers of the private equity industry, says funds should start to commit cash to deals again

(see Overhang threatens health of private equity)

"It surprises me that many investors in private equity funds have not in the past pressed for greater insights into delivered risk-adjusted returns"

Paul Myners, former UK City minister, wonders what role general partners really play in private equity

(see EXPOSED! The shocking truth about private equity)

"There was abuse. People were taking fees for things like refinancings and exits. This was not appropriate but it is being wiped out now"

Jon Moulton, private equity doyen and now head of Better Capital, criticises the era of two and 20 fees 

(see EXPOSED! The shocking truth about private equity)

"The best way to look at Islamic debt is that it is asset based and not asset backed. Therefore it starts to look just like senior unsecured debt that ranks pari passu with outer senior unsecured debt. That’s how it will play put in the future"

Ahmad Alanani of Exotix explains restructuring Islamic-style

(see Restructuring Gulf-style)

"Progress is being made but it’s being made at the speed of politics. It seems to be happening slowly"

Daniel Davies of Credit Suisse says the markets should not expect swift action from the German government to sort out the Landesbanken mess

(see Merkel flexes her muscles)

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