While fundraising in the first half of 2008 by private equity funds remained robust and fairly consistent with the first half of 2007 levels, deal making dropped off significantly both in terms of deal volume and transaction size following the onset of the credit crisis in the summer of 2007.

This has triggered a number of changes in market practice. While some of these changes represent no more than shortterm adjustments, it is now clear that the days of the mega-buyout are a thing of the past and the credit crisis of 2007 has had a lasting impact on the US private equity landscape.