According to various sources private equity fundraising for the first three quarters of 2008 remained strong and has already surpassed 2007's total of $257 billion. Firms have continued to raise larger and larger pools of capital, with funds over $2 billion constituting nearly 20% of funds closed in the first three quarters of 2008, up from 16% for the same period in 2007.

To respond to the credit crunch, private equity firms have also branched out to raise mezzanine and distressed asset funds, which made up over 10% of funds closed in 2008, up from around 7% for the same period in 2007.

While fund raising remained strong, PitchBook Data reports that during the first three quarters of 2008, 1,302 deals were completed, a 33% decline from the 1,936 deals completed during the same period a year ago.

The total capital invested declined more significantly, dropping by 57% from $354 billion to $152 billion, for the same period.  

Despite the tumultuous US financial markets during the fourth quarter, the first three quarters of 2008 were relatively strong compared to historical levels. The $152 billion in capital invested through the third quarter of 2008, was the sixth highest amount on record.