To discern where the PE industry stood at the end of 2020 and where it could be heading in 2021, Mergermarket carried out a global survey of 100 senior-level PE executives as the foundation for a comprehensive report (Report). In addition, Dechert hosted a webinar to provide additional commentary about trends and developments highlighted in the Report. The program featured Greg Belinfanti, senior managing director at One Equity Partners; John Bolduc, executive managing director at H.I.G. Capital; Emilio S. Pedroni, managing director at First Atlantic Capital; and Dechert partners Ross Allardice, Markus P. Bolsinger and Siew Kam Boon. This second article in a two-part series summarizes trends in each geographic region; unique issues and approaches to deal-making in the current landscape; and a forecast of potential developments for PE firms to anticipate in 2021. The first article evaluated several issues with fund terms that were detailed in the Report and webinar, including the popularity of co‑investments and minority stake investments in GPs. For additional insights from Dechert attorneys, see “Quest for Permanent Capital: Why Sponsors Look to Unlisted Registered Funds to Achieve ‘Functional’ Permanence Beyond Typical Private Funds (Part One of Three)” (Dec. 8, 2020).