Should I stay or should I go?In-house merchant banking activities at select investment banks
| Investment Bank | Private equity | Private equity real estate |
| CS First Boston | Refocusing on middle market deals | Raising $1bn fund |
| Deutsche Bank | Sold late-stage investment unit in 2003 | Closed $1.6bn in two funds in '03/'04 |
| Goldman Sachs | Closed $8.5bn fund in April | Closed $3.2bn fund in May |
| JP Morgan Chase | Spinning out JP Morgan Partners | Real estate activity limited |
| Morgan Stanley | Spun out as Metalmark in 2004 | Raising $3.5bn fund |
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