Over the past decade, the private equity industry has been through the throes of volatility and change. It began, in 2006, with the largest deal-making boom in the history of the industry. This boom was followed, two years later, by the financial crisis and the worst recession in 70 years. By 2010, there were real concerns that many portfolio companies— and, indeed, PE firms themselves—would go bust as a mountain of debt requiring refinancing seemed insurmountable. Fund-raising dried up and times looked dire.
Source : Bain & Company