The vulture funds picking over the bones of the economic crisis

Private-equity ‘vulture’ funds were brought down by the financial crisis. They’re beginning to regain their feet and take to the skies. David C Stevenson suggests which ones to back.

Private equity didn't have a good financial crisis. Many investors lost small fortunes on the large number of private-equity funds that trade on the London Stock Exchange. The crisis may have been started by rapacious investment bankers, but private-equity managers soon found themselves pushed under the proverbial bus. Was anyone really surprised that private-equity billionaire Mitt Romney lost the US presidential election?

This unpopularity not helped by those plummeting share prices was made far worse by persistent questioning of the business model for private equity, especially in a new normal' economy where debt is supposed to be a bad thing.

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