The president and chief operating officer of The Blackstone Group, has defended the US private equity firm’s acquisition of Freescale Semiconductor, saying it would provide a good return for investors despite the difficult market conditions and the chip manufacturer losing its chief executive since the buyout.

Hamilton James, speaking at The Deal’s fifth annual Private Capital Symposium last week, said: “There is a tonne of low hanging fruit [at Freescale] which we have just begun to harvest and it will be a good investment for our limited partners.”