“Everything in the UK is for sale,” says a US private equity executive.

The plummeting value of the pound means “everything in the UK is for sale”, according to a senior executive at US private markets giant Ares Management.

Blair Jacobson, co-head of European credit at Ares, said he “absolutely” hoped that US investors would do more business in the UK to take advantage of the weak currency. “It makes a big difference if you have funds denominated in US dollars,” he said Wednesday at the FT’s Due Diligence Live event in London.

A pioneer in private lending, Ares has financed a number of takeovers of listed companies after banks pulled out of the market. Traditional lenders pulled out after struggling to sell debt for deals they agreed to finance earlier this year.

The pound has been trading at its lowest levels against the US dollar since the 1980s in recent weeks after Foreign Minister Kwasi Kwarteng announced a package of unfunded tax cuts in his September “mini” budget.

US private equity groups have been on a UK deal spree for several years. Clayton, Dubilier & Rice bought supermarket chain Wm Morrison last year and UK-listed security group G4S was taken private by US rival Allied Universal, backed by US buyout group Warburg Pincus and pension fund Canadian Caisse de depot etplacement du. Quebec. Blackstone bought Bourne Leisure, which runs Haven’s vacation parks, last year.

But that activity has plummeted this year as the economic outlook has darkened and rising interest rates have made it harder and more expensive to borrow for deals.

Blair Effron, co-founder of investment bank Centerview Partners, told the FT event that private equity deals would be the first to pick up. “The first wave of mergers and acquisitions to come out of this is private equity driven, not corporate driven,” he said, adding he did not expect the pound to fall to dollar parity and the UK to recover from what he called a “self-inflicted” economic blow.

Trading is likely to increasingly involve publicly traded companies, Jacobson said. “The trend of exclusion will continue. . . We have been the main beneficiaries of that trend.”

Brad Hyler, managing partner of Brookfield, said during the panel that the same was true for listed real estate investment trusts in Europe. Rising inflation has made it more expensive to build new properties, Hyler said, making reduced-price building portfolios more attractive. However, he said, it was difficult to find financing for large businesses.

Jacobson also criticized what he called “absentee ownership” of US-based private equity groups that bought UK companies and supervised them from across the Atlantic without having an office in the country.

And he said negotiating the Takeover Panel’s requirements on buying UK-listed companies could be difficult. “You’re really limited in terms of the information you can get, the number of parts you can bring into the fold,” he said.

As pension funds that have poured billions into private equity have become increasingly unwilling or unable to keep up the pace, Jacobson said, private equity groups have turned to investors in the Middle East for new cash.

He has been to Saudi Arabia, Kuwait, Abu Dhabi and Dubai recently, he said. “They are cash rich” and are “taking a pretty long-term view.”

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