We all know that the private equity industry has entered a down cycle. But is it so bad that we'll see a lot of consolidation? It doesn't seem like any major firm is anywhere close to that level of trouble. Institutional Investor's website notes that David Rubenstein, co-founder of The Carlyle Group, has said recently that he thinks the current pause will give rise to some historic consolidation, akin to what happened in investment banking in the 1950s. That seems a bit dramatic. But it maybe that the top firms continue to grab the lion's share of the really big deals. He expects six to eight "brands," not all of which will be American.  

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