I note that the Alliance Boot private equity deal has run into problems. As the FT says:

The private equity owners of Alliance Boots and their banks have been forced to extend discussions on the debt package to fund the acquisition into next week after failing to reach agreement with investors.

The debt now looks set to cost about £250m more than expected for the record £11bn leveraged buy-out, according to people familiar with the terms.

Three comments:

1) Criticism is increasing the cost of capital for private equity. Good.

2) Future deals will be harder to fund. Good.

3) Those 'so clever' people in private equity don't look so clever after all. But then we knew that.