This is a ‘fabulous environment’, says Leon Black of private equity firm Apollo – provided you're selling. ‘Over the last 15 months we've been a net seller. We're selling everything in our portfolio that's not nailed down, and if it is nailed down, we're refinancing it. It's almost biblical. There's a time to reap and a time to sow. We're harvesting.’
Financial assets are clearly no longer cheap, but something that’s been missing from the central bank sponsored bull market that started in 2009 has been merger and acquisition activity.