However, he notes that risk appetites are changing across the industry, especially in the use of investment Banks' own capital to support private-equity transactions.

然而，他也承认整个业内的风险偏好正在改变，特别是在用投行自有资本支持私人资产交易的时候。

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As well, private equity 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.

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Past Facebook transactions have occurred through private equity deals or have traded on exchanges like SecondMarket, which specialize in unregistered, hard-to-trade securities.

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It is one of the so-called private investment in public equity, or PIPE, transactions regulators have been examining for illegal trading activity.

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