Contents
Winners will emerge in 2011 1
State of the market 2
What will define the winners? 4
Performance improvement to remain a key focus 4
Strategy has never been more critical 6
Back office moves center stage 7
And the winners are... 9
Ernst & Young’s perspective 9
2010 private equity year in review 10
Activity increasing against a stabilizing macroeconomic environment 10
Exit market rebounded as firms seek liquidity for limited partners 14
Some fund-raising success, though still challenging 16
Emerging markets 18
Brazil 19
China 20
India 22
The next emerging markets 24