The global private equity market is experiencing one of the most difficult periods in its history. The market has been plagued by the lack of credit available for new deals, increasing pressure to return capital to investors, and the toughest fundraising climate for a decade.

Some firms have limped on, others have been forced to revamp and a few have thrived. But many have joined the casualty list, which started in earnest last year, when Advantage Capital, BS Private Equity, Conversus Capital and LMS Capital lost independence or threw in the towel.