Friday Letter: Dear reader,

2005 is drawing to a close, and the private equity industry is looking back on a year filled with superlatives.  

Deals closed, debt raised, new funds formed, gains distributed – you can look at the business from many different angles and will likely come across a new record figure set at some point during the past 12 months.

Given this level of success, many of you will have plenty to celebrate, and what better time to do just that than the upcoming holidays. But do make the most of this well-timed break and get some rest as well. You’ll undoubtedly need it, for whatever 2006 will bring for private equity, it will be yet another very busy year.

From all of us at PEO and our sister pubilcations, best wishes for the festive season and a happy new year.