It's not news that the private equity industry has been battered by the credit crisis. TheDeal.com puts some perspective to the carnage; it notes S&P data showing that 218 companies with private equity and venture capital funding filed for Chapter 11 protection in 2008, up 86 percent from 117 in 2007.

What's more, there were some companies that avoided Chapter 11 by dint of distressed debt exchange offers; they might as well be considered defaults. Despite the big-company headlines, lots of small companies took it on the chin. So when will all this turn around? The economy is hardly cooperating. Most people assume it will get worse before it gets better.

For more:
- here's the article from TheDeal.com

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