The Annual Review 2012(2)

Our review of 2012 looks back at a year that could have been a lot worse for the private equity industry.

Yes, markets were slow. Yes, IPO windows stayed shut for most of the year, making exits difficult. Yes, fundraising was probably a harder slog than at any time in the history of the industry. Yes, private equity found itself used as a political football, as Mitt Romney's opponents attacked his business credentials.

And yet… The Eurozone didn't collapse. The US didn't stagger over a fiscal cliff. China's landing wasn't as hard as some feared (at least not yet). The leveraged finance markets didn't grind to a halt. Mitt's opponents largely failed to demonise the industry. And while there may have been no real recovery to speak of, the private equity market continued to function fairly normally around the globe, on the whole. 

Some firms even managed to have a stellar year – and we celebrate some of these stand-out performers in our annual PEI Awards, the only industry gongs judged entirely by the industry.

Click here to download the Annual Review 2012