Across the financial world, the dark clouds seem to be lifting. Compared with a year ago, mergers and acquisitions activity looks like it is picking up, while the pipeline for initial public offerings is considerably healthier than last year’s. The primary bond markets continue their resurgence of 2009. The unbounded optimism that bankers exude in public actually looks genuine once more.

However, amid all the predictions for a better 2010, you could be forgiven for forgetting all about private equity. Three years ago, buyouts were the biggest thing in the capital markets. They dominated the M&A tables, while the apparent riches their practitioners were earning attracted levels of anger that is today being felt by bankers.