This is jarring: Financial sponsor activity has generated $10 billion in investment banking revenues so far this year. That's about one-third higher than last year. So it looks like we're on track to pop last year's record of $15.5 billion in banking fees, according to Financial News Online. Well, you have to wonder, yet again, if this marks a high point. Maybe not. If the credit markets settle down, and rates stay put, we could see another leg up. But the work is going to get harder for the private equity guys. The targets are fewer and farther between and the competition is tight. At the same time, there's a sense that creditors are eking out a stronger hand and may put up more of a fight over covenants and that sort of thing. Of course, a lot of money awaits investment. This is where the real private equity studs will stand out.

For more on fees this year:
- here's the article from Financial News Online
- more private equity news