Reality star Kim Kardashian's arrival at a gathering of the globe's top deal brokers in Berlin failed to dispel their dark mood as the rising cost of money puts the brakes on the private equity industry.
Flanked by bodyguards, Kardashian drew a crowd of hundreds of executives at the SuperReturn industry event, saying she wanted to learn the secrets of investing having set up her own fund last year.
More than a decade of rock-bottom borrowing costs had allowed investors to snap up companies using vast loans before selling them on to other investors, who were also buoyed by cheap credit.raised ratesThe value of private equity-backed mergers and acquisitions in Europe stood at roughly $46 billion in the five months to end-May, down 74% from the same period of 2022, according to data from Refinitiv.
Much of the decline in deals can be attributed to slower processes and failed transactions, such as the recent abandonment of the sale of a stake in Germany's Bundesliga media rights,However, there are pockets of hope "if firms strengthen their conviction around the trajectory of interest rates", said Hythem El-Nazer, managing director at TA Associates.
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