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With the debt markets still closed and the likes of Barclays PE stating that it expects to invest around half as much in 2009 as it did in the previous year, it was no surprise to see that this month's dealflow was predominantly located in the expansion sector. Private equity houses are readjusting their investment strategies to meet current trading conditions. Take the case of AXA PE, which had sought to divest its stake in the Spotless Group; instead the investment house has opted to proceed with a capital replacement deal and upped its stake in the business