On december 6th Candover, once one of Europe's leading private-equity firms, laid out plans to close down. It is selling itself to Arle Capital, a new investment manager formed by Candover executives, which will unwind the firm's investments. Private-equity firms, like people, want to believe in an afterlife, and veteran executives may cling to the hope of raising another fund somewhere down the line. But Candover is over. It may not be the only European buyout firm to disappear. Terra Firma, a competitor, has struggled to control debt-laden emi, a music company it bought.
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