In private equity, as in other endeavors, the start of the year is a good time to look back on the previous 12 months to consider what patterns or themes emerged. How did they fit into broader context? Will they continue, and what sub-issues will follow? What structural changes do they reflect, and generally what can be learned for the future?
Since the financial crisis, each successive year has brought predictions, if not expectations, that M&A generally and private equity specifically were poised to surge. Year-end results, however, have lagged behind beginning-of-year predictions. It was no different in 2013.