NEW YORK (CNNMoney.com) -- One of private equity's most lauded dealmakers said he regrets not being more aggressive the last few years.
"The biggest mistake I've made in the last few years is I should have been far more aggressive," Carlyle Group's Bill Conway said during the annual Private Equity Analyst Outlook Conference in New York.
Even though Carlyle invested some $10 to $15 billion during the last three years globally. But "We should've done every single deal virtually everywhere in the world," the usually low-profile managing director behind the Washington, D.C., buyout firm said.
"Every deal worked. Every deal paid," he said, referring to the buyout boom that has been fueled in the past few years by the availability of massive amounts of cheap debt.
Carlyle, which has nearly $50 billion under management, is one of the largest private equity firms in the world and has been involved in high-profile deals, including the acquisition of Hertz and Kinder Morgan.
Conway, a private equity veteran with some 20 years in the business, touched on a wide range of issues affecting the industry - from the increasing popularity of club deals to the dangers of overpaying in the current environment.
So far club deals - those where investor groups team up to go after bigger targets - are working out well. But they're still in their early days and it's uncertain what will happen when the love ends, Conway noted, especially in a business where players aren't always eager to share the stage with other leaders.
As for the concerns that deal valuations are reaching top dollar, it's difficult to know when you're overpaying, he added. "I would say the time to figure out when someone did a good deal is not at the beginning, but at the end of the deal."
In some ways, the deal environment is getting tougher, Conway said, referring to shareholder backlash against private equity, such as in the case of the takeover of Clear Channel.
Private equity firms also have to do more than merely financially reengineer a firm these days. "Today you really have to do something with a business to make money," he said.
Despite these challenges, Conway said now is the time for private equity firms to take advantage of the favorable debt markets.
When the current cycle of cheap debt ends, it's going to be "bad, bad for everybody," he said. That downturn will eventually send deal valuations lower, but "getting to the nirvana of cheap prices - that is going to be a miserable time for everyone."
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