Rana - Darya - Madeleine

Somewhere in the 7th arrondissement.

French fund Astorg Partners closes last week at €1 billion. Otherwise it is interesting times for the 1,600 or so buyout firms worldwide raising $600 billion when cash-strapped institutional investors have already spent much of their allocations for 2011. Industry insider Prequin notes that only 33% of institutions have money for pe funds. Yet partnerships that raised in '06-'07 face the opposite problem: they can't spend their money fast enough. Buyout businesses reluctant to invest in '08 and '09 due to the economy and reduced borrowing now sit on a record $958 billion cash - which they either have to sink or give back to LPs, along with the fees.