"This whole conference is about fundraising. It is the only thing being talked about," complained one private equity manager in Berlin last week. As one of the few buyout executives whose firm was not raising capital in the coming year or so, he was somewhat bemused at the fascination. Here's a snapshot of the mood among some of the others.

"Anyone in private equity who thinks they can get it right all the time is clearly delusional. While we have been successful, we as an industry have all made mistakes."