2010: a step towards recovery

Admittedly, things couldn't have got much worse than they were in 2009, when the recession and economic uncertainty not only brought private equity deal-doing to virtually a standstill but left portfolio companies struggling for survival. But despite this low benchmark, getting the private equity engine room back in motion was by no means a
given - certainly not at the beginning of the year when activity remained subdued.

And in all honesty, the recovery remains on shaky ground, as it is of course linked to the macroeconomic environment. Sure, GPs are more optimistic about their pipelines than a year ago, but transaction processes remain drawn out, with no real certainty of completion until the final signing. And while it is true that the most remarkable vintages have been those following a crisis, the resilient pricing levels observed throughout this year make one a little more cautious about similar predictions for the 2010 vintage.

That said, the private equity trend is pointing upwards. The first year after the crisis was never going to be easy, but optimism has prevailed among private equity professionals and now the industry seems ready to take the next step up the ladder in 2011.

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