By Andres Gonzalez and Pablo Mayo Cerqueiro LONDON (Reuters) – The last 12 months have been some of the most challenging in the buyout industry’s recent history, as private capital fundraising fell to five-year lows and investors became more selective with their money, sector executives and advisers told Reuters. Those pressures are expected to continue in the new year, forcing private capital groups to sell assets so that they can return cash to investors, known as limited partners (LPs), and in some cases make them takeover target for larger rivals. “That will drive some consolidation in the…