The report shows that 2008 was distinguished by a significant accumulation of dry powder (committed capital yet to be deployed), which is generally thought to render the industry strategically placed for 2009. Despite an increase in capital raised, 2008 was a difficult year for fund raising, with only the more established fund managers succeeding in raising major funds. There has been an increased delay in the fund raising process as the gap between announcement and first close widened and it is generally believed that a significant proportion of funds announced will not come to fruition. In terms of investments, the most popular destinations to date have been Egypt, Saudi Arabia and the UAE and defensive sectors dominated 2008 with the majority of acquisitions focusing on healthcare, transport, power and utilities and construction.