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A 96% drop. That's how much the total value of U.S. leveraged buyouts declined from its cyclical peak in 2007 through the end of 2009 as the credit meltdown cut off debt financing, which fuels many mergers and acquisitions, including private equity investments. Though deal activity is showing signs of recovery, credit markets will remain under pressure over the next three to five years, according to Bain & Company.