While David M. Rubenstein thinks happy days for private equity are coming again, he says one shouldn’t bet on seeing the mega-buyouts of yesteryear return anytime soon.

Mr. Rubenstein, the Carlyle Group founder, told Bloomberg Television in an interview on Thursday that many of the elements are in place for a recovery in the leveraged buyout industry. But the big deals from the golden age remain highly unlikely: “If you want to do a $10 or a $20 billion buyout, I think that’s unrealistic in this day and age right now.”

Watch a video of the interview:

Mr. Rubenstein said that private equity firms are benefiting from the re-opening of the debt gates, giving him and his competitors access to the financing they need to do deals again. Companies are more willing to consider deals at more seller-palatable prices, too.

Still, some aspects of private equity deal-making remain harder. Debt remains more expensive than before and carries more covenants, or restrictions. And private equity firms are forced to increase the amount of equity they will put into an L.B.O.

NY Times

DDIFO Editors Note: The Carlyle Group, is one of three private equity groups that own Dunkin’ Brands.