2005 may be considered one of European private equity's best
years. This is based, not just on deal volumes and numbers,
but fundraising and, eventually, returns to limited partners.
Was it the year private equity came of age in Europe? Or the
year of prudent maturity before more turbulent times?
The industry's growth started to attract more public
scrutiny, or as Arthur Levitt, former chairman of the US
Securities and Exchange Commission, then stated: "while
private equity will remain technically private, its actions
will become the public's concern." The Markets in Financial
Instruments Directive, passed the year before, was being
implemented by the Committee of European Securities
Regulators and member states' authorities. What came...