Philip Ryan, chairman, Financial Institutions Group,
and Alistair McKay, managing director, Credit
Market commentators will look back on 2006 and conclude that
it was a watershed year in the alternative asset management
industry (comprising hedge funds, funds of funds and private
equity firms) in terms of M&A and capital markets activity.
The number and size of significant transactions in Europe
amounted to five management company initial public offerings
($2.1 billion), nine permanent capital IPOs ($11.5 billion) and
11 M&A transactions and stake sales ($1.4 billion) which
far exceeded previous years. 2006 also saw the first
substantial senior bond offering for a hedge fund.