Top PE firms to develop banking expertise?

"We can adapt, be part of the solution, or fold up our chairs and exit stage left," said none other than Henry Kravis. But adapting in the private equity industry today means a kind of reverse evolution, really. Many firms will evolve into managers of distressed debt, corporate lenders and very long-term managers of their current portfolio companies, reports the Financial Times. Big, debt-driven deals will be scarce.

But for a few companies, evolution also means developing investment banking operations that will be able to finance their companies without relying on the withered investment banks. This will be a big development over the next few years. It will really pay off if massive deals ever come back into vogue. 

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