Are we at an inflection point in the private equity industry? Whether the pause is temporary remains to be seen. Right now, everyone is saying, all the things you would expect them to say. True, smaller deals may be in the works--more funds many consider private investments in public companies-type deals. Yes, this is a chance to focus on current portfolio companies. Of course, Europe and other overseas markets may offer new opportunities. What will likely happen is that the industry will continue, pretty much as is, except at a far slower pace and perhaps with smaller returns. One could argue that the returns of the top firms, such as Kohlberg Kravis Roberts, have no where to go but down. At some point, the credit markets will reflate. We'll get an idea if there were any fundamental shifts in the business.    

For more:
- here's the AP article about the Dow Jones Private Equity Analyst conference

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