Uncertainty, dislocation and fragmentation across the European business landscape aren't holding back private equity firms. In fact, dislocation in Europe is creating opportunities for the buyout industry, speakers at The Wall Street Journal Private Equity Analyst Conference in New York said Tuesday.

"Private equity thrives on change and dislocation and movement," said Helen Steers, a partner at fund-of-funds manager Pantheon. "The worst possible thing, actually, for private equity is a steady state."