Private equity is not a sprint, it's a Marathon, as one of the industry's favourite sayings has it. So you'd think that all the self-proclaimed long-distance runners in the industry would have jumped at the chance of giving it their all at the recent London Marathon. Strangely though, we only know of James Coleman, fund placement specialist at Deloitte & Touche. James, who completed the 26-mile challenge in 3 hours 39 minutes, reports he didn't spot any other private equity folks on the road. Could it be that he was the only one?

Internally managed BDCs, like American Capital, are free of the many conflicts that exist between the general and limited partners. More importantly, we also expect that the recent creation of new BDCs will accelerate the process of displacing many of the hundreds of traditional private equity and mezzanine partnerships that will no longer have access to capital.

Malon Wilkus, CEO of American Capital Strategies, a publicly traded ‘business development company’, on the recent movement of private equity firms into his company's space, in an April press release.

If Permira thinks WH Smith is worth 375p a share, then it's almost certainly worth considerably more. The City's dozy old institutional investors have been made to look prize Charlies once too often by selling off Britain's prime retail properties to private equity, only to gaze on enviously at the fabulous returns their new owners make. They must not make the same mistake again.

From The Independent, a London newspaper, on the private equity firm's £940 million offer for WH Smith.