Private Equity fundraising has fallen dramatically since the credit crisis began, continuing its decline during the subsequent recession. As many believe that the worst of this economic slump has passed, now may be an appropriate time to glean insights from the recent behavior of this investment class, as well as to assess where areas of strength lie.

March 2009 has seen a surge in bankruptcy-related M&A activity, with the Financial, Real Estate, and Technology sectors dominating the action. One quarter does not make a trend, but if M&A activity continues to improve, it would be a bullish sign, as value is created as deals are completed.

The number of IPOs issued in the U.S. reached a 30-year trough in 2008, while the global market saw its worst years by that measure since 1990. Global IPOs fell to a 18-year low in 2008 with 578 offerings, the lowest issuance level since 1990 (294 deals).In addition to a severe decline in the number of deals, the value of worldwide IPO proceeds fell 70% to $94 bln in 2008 from $315 bln a year earlier, in global equity’s worst year since the Great Depression.U.S. share of deal value has fallen to 28% in 2008, down from about 50% in 1990, while Asia –ex Japan’s share has risen to 32% from 13.9% in that same timeframe.