Asked why he prefers investing in mid-market buy-out funds over the “mega buy-out” end of the market, David de Weese, partner at Paul Capital, replies: “It is easier to turn a sailboat than a supertanker.”
“I don't buy the argument that big companies do better in a downturn,” says Mr de Weese, who invests in second-hand private equity interests for Paul Capital, one of the world's biggest “secondary” investors.
The charge sheet against mega-funds is long. They are criticised for using too much debt, overpaying for large companies and raising excessive funds that generate such big fees their interests are no longer aligned with investors.
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