If the IPO pipeline is an indicator of things to come (and it is) then the latest data from PwC should provide some needed optimism. In Q3 there were 32 IPOs completed raising $4.8 billion compared to 20 IPOs with a value of $5.8 billion in Q3 2009. Don't worry about the dollar volume the unit volume is the important number. The majority of the new IPOs are private equity led which points towards improving liquidity for funds divesting of portfolio companies. A frothy IPO market is also an indicator of a good private market. With liquidity comes divestitures which leads to LP distributions. Cash-on-cash returns improves fundraising which allows LP's (with the cash from distributions) to commit capital to new funds.