Is the private equity industry constructing a giant pyramid scheme that could be bad for business? A number of influential investment managers in Europe seem to believe that.
Mikkel Svenstrup, chief investment officer at ATP, Denmark’s largest pension fund, warned that the increasingly common practice of private equity groups selling companies to each other, including to newer funds controlled by the same buyout firm, is concerning.
Amundi Asset Management’s chief investment officer Vincent Mortier said more or less the same in June: “Some parts of private equity look like a pyramid scheme in a way . . . You know you can sell to another private equity firm for 20 or 30 times earnings . . . It’s a circular thing.”
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