It may not be in the nature of private equity executives to express satisfaction with the status quo. And, at an industry gathering in New York last week, few were willing to admit that the industry had emerged from the crisis in relatively good shape.

Investors called for an improvement in fund terms, private equity executives said large buyouts worth more than $10bn were once again possible, China and India were promoted as the world's soon-to-be largest economies and people discussed how significant the Republican gain in the US Congressional elections would be.