U.S. Private equity deal flow slowed significantly during the month of November. Only 47 investments were completed as compared to 83 in October and 76 in September. Of some consolation is that fact that the 26 announced deals during the month is similar to that of October. Deal type was also largely unchanged in November - 60% were buyouts and the remaining 40% were minority and growth investments. The largest U.S. deal closed during the month, Clayton, Dubilier & Rice's $477 million investment as part of the JohnsonDiversey's $2.6 billion recapitalization, was a good bit larger than the median deal size of $24 million (down from $70 million in October). Taken together, we see that deals are still being pursued and announced, but that their size has shrunk yet again and that the pace of closings has slowed dramatically.