Private Equity Sees Slow Recovery

I'm at the Dow Jones Private Equity Conference in NYC. Some 700 PE players are in attendance.

Dow Jones asked them, "How do you see the economy?"

They were given four choices, here are their responses:

4% We are back in recession

19% Headed back into recession

76% Things are improving but slowly

1% Things are on an upswing

Despite the poll numbers which indicate a slow improvement, the first speakers all indicated they were acting very cautiously about the economy.

Jeffery Aronosn of Centerbridge Partners told the audience that "buying cheap" was the key in the current environment. Kevin Conway of Clayton, Dubilier & Rice said his firm was spending much more time in evaluations looking at the downside.