However, he notes that riskappetitesarechangingacross theindustry, especiallyin the useofinvestment Banks' owncapital to supportprivate-equitytransactions.
As well, privateequity firms continue to focus on transactions that either (1) monetize existing assets via dividends and sponsor-to-sponsor sales, (2) lower financing costs, or (3) extend maturities.
Past Facebook transactions have occurred through privateequity deals or have traded on exchanges like SecondMarket, which specialize in unregistered, hard-to-trade securities.