Investors straying into new territories, says Partners Group

European businesses are increasingly being targeted by US and Asian private equity firms, the report finds. Indeed, UK restaurant chain PizzaExpress was acquired by Chinese firm Hony Capital in mid-July. The GP bought the asset from Cinven for £900m, with PizzaExpress later issuing £610m of bonds to finance the buyout.

Likewise, in July Bahrain-based Investcorp bought SPGPrints Group, a Dutch manufacturer of printing systems for graphics and textiles, from Bencis Capital Partners for €240m.

But the surge in investors straying outside their usual markets could be causing mistakes, the report says, due to firms not having a deep-rooted knowledge of a market. The fact that GPs are becoming less consistent in their investment strategies may also cause problems further down the line.

Buyout firms have also been dipping their toes further into the growth capital markets, according to the report, further highlighting the changing focus of GPs.

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• Investments
• GPs
• Partners Group