NEW YORK -- If the credit markets have been an iceberg over the past year, the private equity business has been frozen as solid as a prehistoric glacier, reports Fortune. Buyout giants like KKR, Blackstone, and Bain Capital -- who just a couple of years ago were vying to one-up each other on a monthly basis with new mega-deals -- have been in a virtual hibernation for months.

In the first half of 2009, just $24 billion in deals were completed globally. That compares to $131 billion last year and an astounding $528 billion in deal volume in 2007.

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