FT reported on the evolving state of private equity underwriters (PEU's):
David Rubenstein, co-founder of the Carlyle Group, has predicted the private equity industry will be split between the hunters and hunted, as the big global groups diversify by acquiring smaller niche investment companies.
“In five years’ time I think we’ll see all the big global players develop into broader alternative asset management houses,” he said. “Pure private equity firms will have to be more niche players, but a lot of those might be bought up or attach themselves to these larger players.”
Too big to fail goes PEU. It already was global.