Fundraising improved recently, as evidenced by the time it takes to raise money for a new fund.
The last quarter of 2010 was particularly bullish, with $64 billion in new deals announced and $72 billion in exits (setting a new quarterly record). And the early months of 2011 have been marked by blockbuster PE-backed IPOs, including HCA, Kinder Morgan and Nielsen.Investors rolled over at least a portion of proceeds into new offerings. New fund foci include:
As for new areas for PEU investment, Rubenstein shouted health care. Carlyle owned MultiPlan, a PPO that specialized in controlling health care costs. Carlyle flipped Multiplan for a triple, which helped drive up costs. Rubenstein sees continue cost increases as far as the eye can see, but he also projects big PEU profits.
The video is worth a look for anyone with an hour and fifteen minutes to spare. The laugh track is pretty good. PEU boys can deliver their lines.