Private Dequity?

Last week it was reported that Tom Connolly, head of U.S. leveraged finance for Goldman Sachs, was moving over to the firm’s private equity group. His new charge would be to launch a fund investing in debt.

This raises an unimportant semantic question that’s been buzzing in my brain for months: Can a private equity group raise a dedicated debt fund? No, unless we are all to agree that words have no actual meanings.

So what should we call this new class of asset management? Private Dequity? All suggestions welcome.