Ten years ago, the private  equity industry was wrestling with fallout from the global financial crisis and the 2008 collapse of Lehman Brothers Holdings. Dealmaking had slowed from a 2007 flood to a 2009 trickle, while fund managers faced pressure from limited partners concerned about liquidity risks in their portfolios. A decade later, however, the industry has come back bigger and bolder and yet also transformed. We’ve identified 10 of the biggest trends that shaped the industry over the past decade:

PE firms go public: Long before the dawn of 2010, American Capital Management went public in 1997. A few more private equity firms followed about 10 years later, but it wasn’t until the current decade began that some of the biggest private equity firms – KKR, Apollo Global Management and Carlyle Group among them – issued their own equity through public markets. Although still a relatively rare move, those firms that have taken the plunge have created liquidity for firm partners and a way to diversify their own portfolios. They’ve also produced a currency for acquisitions and provided a way for founders to make a financial exit that is less painful to the organisation than it might otherwise be. But the costs and public filing requirements of listed companies continue to restrain most investment firms from pursuing an IPO.