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Remember that quaint artefact of the boom, the leveraged buy-out? One in every 50 mergers and acquisitions deals so far this year has been led by a financial sponsor, according to Dealogic. In 2006, when credit ran free and easy, the ratio was almost a fifth.
In many ways, private equity is coming full circle. For much of its history the industry has focused on supplying companies with growth capital rather than buying them with borrowed money; its share of M&A averaged just over 3 per cent in the latter half of the past decade. Fundraising trends now suggest a return to something like normality.
