While Kohlberg Kravis Roberts and others sense an opportunity in distressed debt, they sense perhaps an even bigger opportunity in core private equity deals. This is partly in response to heavy demand from pensions and other institutions, which no doubt see an opportunity. At the same time, it appears that some potential targets can be had for a really good price over the next year or so. The opportunity may prove fleeting if stock prices run up again, so we're seeing some stepped up efforts to raise funds now. Blackstone Group's latest is a good example. The Financial Times notes in this article that the fundraising in Europe is heated. KKR is raising a $10 billion fund. The Carlyle Group is raising a $5 billion fund. Stay tuned.