At the time of the conference, the private equity industry was facing a rapidly changing environment. Credit markets were becoming more restrictive and risk averse, turning away from the low interest rates and accommodative credit terms that had prevailed for several years and had facilitated rapid growth in private equity investing. Private equity firms were facing the prospect of fewer deals, higher borrowing costs, tighter terms and a reduced availability of leverage. They also risked losing their competitive edge compared with more-traditional, strategic buyers. A number of conference participants addressed these changes and their possible effects on private equity.