The World Upside Down: PE Fund A Takeover Target

For once, a private equity fund is the target of a takeover, as opposed to being the acquirer. The acquisition of UK private equity (PE) fund Candover by Canada's Aimco will make Candover the in-house PE arm of a top pension fund. Interestingly, this acquisition of a PE fund by a pension fund comes at a time when banks are offloading their PE assets; as we all know, in a functioning market, supply creates its own demand. Yet more than anything, the deal highlights recent changes in pension fund strategy. This is the culmination of the trend, whereby some Canadian

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