In the new issue of Business Week, Maria Bartiromo conducts an excellent interview with Carlyle Group co-founder David Rubenstein about his outlook for private equity in 2007.
Rubenstein predicts more money going into emerging markets, and he said the Carlyle Group will double its investment in Asia this year. He is also weary of increased government regulation of private equity groups, and provided a great quote: "The Declaration of Independence says we're supposed to pursue happiness, but when people are too happy, the government doesn't like it."
If other private equity groups follow Carlyle's lead of doubling up on Asia this year, emerging markets could see a buyout-fueled bull market similar to what the United States saw in 2006. I suspect that exchange-traded funds could be the best way to make that bet.
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