<p>[UseMoney=10 ][/UseMoney]</p><p>I. Introduction<br/>In 2007, extraordinary developments occurred in both the private equity markets and<br/>the economy overall. The year began with a continuation of the enthusiasm of prior<br/>years, fueled by aggressive credit markets and great optimism among both private equity<br/>general partners (GPs) and limited partners (LPs). By year-end, the bullish sentiment<br/>had changed dramatically. The challenges affecting the broader securitization and debt<br/>markets ultimately impacted the private equity landscape, forcing a review of leverage<br/>levels, suspending many transactions, and raising questions about the sources and<br/>sustainability of past returns. Debate centered not on whether the economy was<br/>slowing, but on whether the slowdown would lead to recession, and whether the macroeconomic<br/>weakness was local to the U.S. or a global concern.</p><p><br/>Amidst this uncertainty and volatility, private equity GPs and LPs are carefully<br/>monitoring their existing portfolios and continuing to assess new investments.<br/>Recognizing that severe market dislocations, balance sheet pressures, and liquidity needs<br/>may give rise to unique opportunities, investors are approaching the current<br/>environment with both caution and intrigue.</p><p><br/>To assess the viewpoints of private equity market participants, the research team of the<br/>Goldman Sachs Alternative Investments &amp; Manager Selection (AIMS) Group developed<br/>the Goldman Sachs Private Equity Diagnostic. This year-end survey of leading GPs and<br/>LPs was designed to gauge the overall confidence level of investors and to capture opinion<br/>regarding return expectations, fundraising activity, investment opportunities, areas of<br/>concern, and key trends impacting the private equity industry among other issues. The<br/>2007 survey gathered the opinions of over 300 respondents from around the world.1<br/>This research note presents the results of this year’s survey, along with some summary<br/>statistics on the private equity markets.<br/>&nbsp;</p>
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