When The Blackstone Group launched its record $6.5bn (€5.3bn) buy-out fund in 2001, it told prospective investors that the investment period might coincide with an inflection point in the private equity industry.

According to the fund's private placement memorandum, the decline in the public markets and the greater willingness of companies to negotiate with buy-out houses would result in "increased opportunities to acquire high-quality assets at extremely attractive valuations".