This document discusses private equity trends in the second quarter of 2010. It covers three main topics: private equity fundraising is tentative but moving in a positive direction with record levels of dry powder; deal flow and investment continues to increase with small deals dominating and median valuations and amounts rebounding; and exits are up with secondary deals and strategic acquisitions dominant while IPOs also reemerged in the fourth quarter. The document was written by John Gabbert, CEO and founder of PitchBook, an independent research firm focused on providing private equity data, news and analysis.