Andrew Wollaston, Global Private Equity Transactions Leader, and Peter Witte, Global Private Equity Lead Analyst, discuss how PE firms are planning for a potential market correction and the opportunities it might afford.  Visit ey.com to read our latest private equity perspectives. While PE-backed companies performed generally well during the GFC, over the last decade, the PE model has evolved in a number of ways that make it even better prepared for future downturns: The industry has more capital at its disposal PE has diversified in ways that increase its resilience. PE firms have expanded their operating capabilities. LPs are more sophisticated and have access to better portfolio management tools. Perhaps most significantly, PE firms are prepared to deploy more aggressively than during the 2008 recession