The lost continent

ON DECEMBER 6th Candover, once one of Europe's leading private-equity firms, laid out plans to close down. It is selling itself to Arle Capital, a new investment manager formed by Candover executives, which will unwind the firm's investments. Private-equity firms, like people, want to believe in an afterlife, and veteran executives may cling to the hope of raising another fund somewhere down the line. But Candover is over.