Private equity firm Hellman & Friedman has put in over 12% of the equity from its latest fund for the buyout of Goodman Global and cobbled together a debt underwriting syndicate of hedge funds and European lenders for the deal, as big US investment banks sit on the sidelines.

Hellman & Friedman agreed yesterday to pay $2.65bn (€1.87bn) for Goodman Global, which manufactures commercial lighting, heating and air-conditioning systems.