In last year’s first-half overview, Financial News suggested private equity in the US might have a soft landing. After a bleak fourth quarter, the analogy has to be refined to: “It won’t be a soft landing so much as a resurrection after the crash.”

Last year ended with deal volumes, deal numbers, portfolio-company valuations, secondary buyout bids, exits and fundraising all down sharply from the third quarter. The only metric to increase was private equity-backed insolvencies and in November a number of larger firms started shedding staff.