Sergey Bolshakov, analyst, Argo Capital Management, outlines evidence of a growing trend towards smaller buyouts since the onset of the credit crisis. Despite the meltdown in financial markets there is little evidence to suggest that investors’ appetite for private equity funds is waning. According to research produced by Coller Capital, at least 97 per cent of the investors it surveyed plan to maintain or increase their target allocation to private equity over the next year. Equity markets’ lacklustre performance is encouraging investors to turn their attention to 2009 private equity vintages. While there are some bargain buying opportunities to be