Billion dollar deals are back in favor with PE investors. In the last two years, there have been 34 deals valued over $1 billion dollars, according to the PitchBook Platform. 25 of those deals are from this year, a significant jump from the 9 deals for all of 2009. The increase in billion dollar deals is largely driven by two things: the renewed availability of debt for buyouts and the current $425 billion capital overhang for $1 billion+ PE funds. $10 billion deals may still not be possible but $5 billion deals definitely are for the right companies, and with the investment period for many of these large funds ticking down, it is likely that this trend will continue.