Private equity had a bumper year in 2014, with more than $500 billion worth of deals globally--the most since 2007. Corporate buyers returned to the market and valuations continued to rise while interest rates didn't. With an extraordinary series of exits under their belts, PE firms have built up cash in anticipation of a buying spree, but many say the pipeline of attractive deals has narrowed. Our panel of private equity luminaries will share their views about how their strategies are changing amid record valuations and a more complex geopolitical environment. Has credit become a smarter focus than corporate buyouts? Are we in the midst of a tech bubble and has the pain in the oil patch generated opportunities?