Investment bankers who service private equity clients are feeling the pressure as the credit crisis continues to transform every aspect of the sector. The winners are likely to be those able to show perseverance and flexibility in trying to win new business.

Bankers dealing with buyouts have also been among the first to take heed of Henry Kravis, co-founder of buyout firm Kohlberg Kravis Roberts, when he said at the end of January that private equity had to adapt or face irrelevance after the credit crunch struck in summer 2007.