FIRST QUARTER 2009

MORE HEADLINES

Investment Opportunities in Mezzanine Debt
The recession has impacted the borrowing ability of public and private companies.

Private Equity: Venture
Venture capital funds face significant challenges in building companies to a successful exit.

Private Equity: Buyout
The collapse of the credit markets impacted all facets of the global buyout market.

Private Equity: Special Sits
Following the brutal fourth quarter of 2008, credit markets rallied strongly this quarter.

Private Real Estate
Commercial real estate fundamentals continued to deteriorate in the first quarter of 2009.

Natural Resources: Timber
Timberland was one of the few investments that posted a positive return.

Natural Resources: Energy
Crude oil prices stabilized during the first quarter of 2009.

PRIVATE CAPITAL OVERVIEW

Last quarter I noted that we were in the depths of the public market downturn. This quarter there appears to be an improving, albeit still uncertain, outlook. Since year end, and especially late in the first quarter, credit spreads have narrowed evidencing early signs of viability in the public finance markets. That said, there remains a lag in the private markets and deal activity remains extremely low across the board. The uncertainty created by the government’s bailout plans, while helping in some areas, continues to hinder activity due to the many game changing questions these actions are raising.

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