Large club deals, in which five or six private equity firms team up to do a multi-billion-dollar leveraged buyout (LBO), are becoming less common place, according to David Rubenstein, co-CEO and co-founder of the Carlyle Group LP (Nasdaq: CG).

Today, the bulge-bracket PE firms, such as Carlyle, Apollo Global Management LLC (NYSE: APO), the Blackstone Group LP (NYSE: BX) and Kohlberg Kravis Roberts & Co. (NYSE: KKR), are more likely to co-invest with limited partners (LPs) in mid-range deals to avoid fees, he said at a recent conference in Boston.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.