TPG highlights buy-out woes

US buyout group TPG has highlighted the tough conditions facing the buy-out industry in a letter to investors disclosing it had considered 140 leveraged buy-out deals in recent months – and agreed to none. The letter, sent last month, described LBO deals as “useful at some times during the cycle but not at other times”. Having agreed to none in the six months to March 31, TPG said it has shifted its focus to investing in debt at a discount.