According to Shashank Singh, MD and head, Apax Partners India, the current state of the Indian private equity is comparable to that of a hangover phase that ensues a wild party. Singh believes that there was too much excitement in the period between 2005 and 2008 which resulted in the market becoming overcapitalised and a lot of first-time funds getting funded. "The party inevitably leads to hangover. Right now, we are in the regret phase and that will also play itself out," he said. The fund managers who have really proven themselves through the cycle are the ones who will get funded. So, there will be plenty of funds that will not be able to raise second or third funds. This will also be true for global funds where there will be a churn among the leadership for those who have not performed well. An emergence of the buyout market is another foreseeable trend in the industry going forward, Singh said.