In Chapter 7, TA’s European boss, Ajit Nedungadi, observed that ‘When there’s less of one form of capital in any market, there’s more opportunity for the other forms of capital.’ With debt very much less available than it used to be, particularly in developed markets, there’s no doubt that some growing businesses that might previously have funded expansion by borrowing are instead teaming up with growth private equity firms, such as those featured in the previous three chapters.