"Fierce" competition among private equity firms

NEW YORK (Reuters) - A top investment banking executive at Credit Suisse Group (CSGN.VX: Quote, Profile, Research, Stock Buzz) said on Monday that despite a U.S. Department of Justice probe into possible collusion among private equity funds, he sees intense competition among the firms.

Officials at the U.S. Department of Justice have sent letters to some of the largest private equity firms, seeking information and documents related to deals and auctions.

Among the issues that could come under scrutiny is the firms' practice of joining together on some bids.

Harold Bogle, global head of private equity coverage in Credit Suisse's investment banking division, said that in his experience, there is no bid rigging in sales.

"As long as there are a couple of consortiums at work on a deal, it's a very fierce business," Bogle said at the Reuters Investment Banking Summit in New York.

Bogle also said there's a lot of pressure on corporate directors to hold out for the best deals from private equity firms.

"The pressure ... on them is too high," Bogle said. "They won't (accept subpar bids). Why put your net worth and everything in jeopardy? ... What I see in the auctions we run ... it's an extremely competitive world out there."