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Higher interest rates are making an increasing proportion of potential LBO deals look unprofitable. That's what The Wall Street Journal [subscription] reported last Friday.
Up until last week, the stock market seemed to be rising because low interest rates made private equity deals attractive. And with so much money available to remove the supply of equity from public investors, stocks rose because of the Private Equity Put -- the perception that private equity investors' liquidity and willingness to take stock out of public shareholders' hands created a floor underneath which stock prices would not fall.
With Alan Greenspan now making headlines on behalf of his business rather than the Fed, the Private Equity Put had replaced the Greenspan Put -- the perception that the Fed's ability to manage interest rates and the economy created a floor underneath which stock prices would not fall.
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