BERLIN, June 8 (Reuters) - Reality star Kim Kardashian's arrival at a gathering of the globe's top deal brokers in Berlin failed to dispel their dark mood as the rising cost of money puts the brakes on the private equity industry.
But private equity is currently experiencing one of its toughest runs since coming of age in the 1980s as rapid rises in interest rates to combat inflation make the debt that underpins the industry scarce and expensive.
"It has been easier in the past, deal flow is reduced significantly...we have to pedal harder," said Jose Pfeifer, who leads Investcorp's European private equity group, on the sidelines of SuperReturn.
"Europe is doing better than expected...we are seeing opportunity in corporate carve-outs," said Marco De Benedetti, co-head of Europe private equity at Carlyle (CG.O).
Emmanuel Laillier, head of private equity at Tikehau Capital, said that makes it hard to read the level of competition, although there is more flexibility in the M&A process.
Persons:
Kim Kardashian's, Kardashian, Jose Pfeifer, Hythem, Marco De Benedetti, Sellers, Emmanuel Laillier, Christian Sindig, Jay Sammons, Emma, Victoria Farr, John O'Donnell, Kirsten Donovan
Organizations:
European Central Bank, Bundesliga, TA Associates, Carlyle, Tikehau, Thomson
Locations:
BERLIN, Berlin, Europe, SuperReturn