KEY POINTS:
The private equity wolves are in hibernation. The PE pirates have dropped anchor, the sharks have stopped circling, the vultures have picked the carcass clean.
And the financial media have largely given up on the hyperbole that saw private equity firms defined by names usually reserved for professional sports franchises.
Who would have thought that leveraged buyouts by niche funds, looking to maximise returns on baby boomer retirement money, could be so sexy? They may never be that sexy again.
In April 2007 Henry Kravis, of US private equity giant Kohlberg Kravis Roberts, told a conference that private equity was in its "golden age".
At the time it certainly was. In 2006 private equity deals had a total value of US$737 billion ($967 billion), twice the value of deals in 2005 (according to research firm Dealogic).
Banks were happy to lend big, allowing equity funds to target corporate heavyweights. In February 2007 US firm Blackstone won a bidding war to pay a record US$38.9 billion for property group Equity Office Properties.
That golden age ended abruptly in August last year as the credit crunch struck. The deals, especially the big ones, dried up as the banks stopped lending. Wolves don't really hibernate, sharks can't stop moving or they drown. Vultures just move on to less palatable carrion and pirates bury their treasure till the heat dies down.
In a roundabout way, all of the above applies to the private equity crowd.
Private equity companies that have bought assets in New Zealand can't go away. They are going to have to manage those assets and divest them at some point to realise the returns their investors are seeking.
The other thing that will keep private equity in the game is cash. They've still got plenty of it.
While market dynamics move quickly, the underlying state of the global savings industry is pretty constant. It is tied to demographic trends. The baby boomers of the Western world - perhaps the richest generation in history - might be a couple of years older, but they are still net investors and their retirement savings still have to find a home.
Without the banks to help them leverage deals, the private equity firms will probably have to lower their sights a little.
In 2006 private equity's appetite for assets seemed insatiable. Governments around the world were even talking about reining the sector in with regulation. A German politician called them locusts and unions in the UK were up in arms.
Predictably the market dynamic moved faster than the regulators.
The smart money is now pouring into commodity futures like oil and rice - prompting more calls for regulation of those markets. Meanwhile the private equity threat is yesterday's news.
That will suit the PE guys just fine.
The private equity funds will be looking for bargains just like everyone else in the market.
Like the property market, one thing stalling the action right now is a lack of willing sellers. So there is a stand-off. The stock market slump around the world has seen a revaluation of companies in almost every sector - with the exception of commodities.
So the PE guys can't justify buying at the prices they did 18 months ago. But nobody wants to sell out for a bargain basement price so business owners are also trying to ride out the storm. Eventually something will start to give.
When the bargain hunting really gets into full swing - maybe next year but maybe even in the second half of this year - expect to see private equity players leading the charge.
Once a wolf always a wolf ... or a locust or a shark ... or whatever.
* Liam Dann is the Herald's business editor.
