As private equity turns its attention to the oil and gas sector amid a slide in oil prices, one executive at the SuperReturn industry conference in Berlin stressed caution.
"The question is: when do you engage? Markets have a history of jumping in too soon," Mitch Truwit, co-CEO of private equity and venture capital firm Apax Partners, told CNBC.
He said there was a widely held belief that, because oil prices have moved back up to $50 a barrel, it was time to buy.
"I'm not sure I buy that. We have to let it (the oil price move) play out a little longer," he said. "The effects of things like reducing oil production are not felt in the near term...I bet (oil) will retest lower prices with knock-on effects."