Forbidden fruit?
There used to be a time when a private equity fund buying the portfolio company of another private equity fund was a serious faux pas. Nowadays, GPs have become less shy about buying from peers, who in many cases might be selling good but un-exited assets from maturing funds. Indeed, recycling assets has become a mainstay of private equity deal flow in the mature markets of the West.
In the last few years, the Asian community has become more active. According to AVCJ Research, 43 PE-to-PE deals have been logged so far this year, already exceeding the 40 transactions completed in 2012...
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