Four years into the financial crisis, an investment strategy where debt is being piled on top of debt might seem a risky approach similar to the leveraged world of the pre-2007 bubble years.
But in one opaque and not widely known area of the private equity sector, this strategy is still prevalent.
In the market for second-hand private equity fund interests, the use of loans to part-fund the acquisition of stakes in often hundreds of already leveraged portfolio companies has become popular with some investors.
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