Thank you for your message, Patrick.
I worked at Candover in the early 2000s and can confirm that they failed because of major strategic and operational mistakes.
As you can see from this link (https://www.amazon.com/Private-Equitys-Public-Distress-Candover-ebook/d…), I wrote a book on their story. The book also covers the impact of the global financial crisis on the private equity sector.
As for Fortsmann Little, it made several poor investments during the dotcom-telecom bubble of the 1990s from which it never recovered.
I trust that this addresses your query.
Kind regards,
Seb