On This PageOctober, No. 267b
The Federal Reserve System’s Private Equity Merchant Banking Knowledge Center, formed at the Chicago Fed in 2000 after the passage of the Gramm–Leach–Bliley Act, sponsors an annual conference on new industry developments. This article summarizes the ninth annual conference, held on June 25–26, 2009.

When Worlds Collide: The Altered State of Private Equity—A Conference Summary (Special Issue)
Last Updated: 09/22/09
What a difference a year had made. Speakers at last year’s conference had noted the beginnings of financial dislocation and a rapid increase in risk aversion. However, no one could have foreseen the subsequent near collapse of the financial system, the breathless succession of dramatic market events, government interventions on behalf of so many large institutions, and the wide range of special government programs. Despite these events, private equity funds are still robust and are playing a new role as part of the recapitalization of the banking industry.