Private equity valuations: Time is on your side

Blackstone’s Steve Schwarzman said recently that declines in asset prices present good buying opportunities. But it may still be too soon to scoop up companies. Though some stock prices have halved, they could fall further. Debt is still scarce, and strapped equity investors won’t appreciate capital calls. The risk-averse mindset could see private equity buyers on the sidelines for a while yet. Stock indices have fallen dramatically since July 2007, when Blackstone landed the last pre-credit cr...