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Private-equity boss Damon Buffini today warned there may be "worse to come" before the economy recovers.
He also wrote down the value of the investments held by his firm Permira by 36% including The AA, Saga and Birds Eye.
"I have not experienced such a lack of clarity about the outlook in my career and there may be worse to come before we see a recovery," he said.
"We have taken some difficult decisions over the last year and there will be more to come as we seek to secure to long-term future of the Permira funds' companies."
Buffini, seen as the public face of private equity in London during the boom earlier this decade, said it will be "a very long time before the prefix 'mega' is applied again to the industry's activity".
He added: "Investments will be smaller, albeit there will still be opportunities to invest in and transform many businesses.
"There may well be a higher degree of regulation before then... and private equity will have to live with a very different financing arrangement."
