Within a very short time, the COVID-19 pandemic has completely upended our world. The severe measures taken to contain the pandemic have led to massive dislocations in the financial markets and devastating consequences for the economy. The COVID 19 crisis has also had a significant impact on the global private equity market. Fund managers face major challenges in managing existing portfolios, but especially in closing new deals and fundraising, which is clearly reflected in the numbers. But the private equity industry is crisis-tested and has already shown itself to be quite resilient during the global financial crisis and the dotcom crisis. Even now, the signs are good that private equity investments will defy the crisis and give cause for cautious optimism.