"Days of the Generalist Buyout Professional Are Over"

That line is from Ezra Perlman, a partner with Francisco Partners, during the closing panel of Buyouts West 2008, which was held last week in Los Angeles. At least the generalist panel remains, as they discussed everything from return expectations to when debt might return to how private equity is "misunderstood." Other panelists included: Kelvin Davis, senior partner with TPG Capital; Mark Bradley, Morgan Stanley's global head of financial sponsors for Financial Sponsors Coverage Group, Ajay Shah, managing director and founder of Silver Lake Sumeru and John Romney, director of Levine Leichtman Capital Partners. Video after the jump.

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