Rainy day funds rescue GPs from economic monsoon

While there has been a significant drop in buyout activity over the past year, fundraising in H1 2008 was still going strong - translating to a substantial capital overhang. This may prove a good thing for GPs, as it will provide them with an extended timeframe before they have to hit the fundraising trail again.

The same cannot be said of everyone. UK buyout house Candover has become the latest large-cap investor group to succumb to the pressures facing firms at the top of the market by announcing a reduction in the size of its latest fund. The vehicle quietly held a first closing on around £2.8bn in August 2008 but at the time of going to press had announced it would return some money to investors.

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• Southern Europe