Shawn Hessing, New York City-based managing partner of KMPG's US private equity group, says in a release that the survey indicates that "market conditions are making it difficult for PE managers to make projections for their portfolio companies. In addition, the PE sector expresses concern about the regulatory and tax landscape, funding commitments and the availability of debt."

A KPMG spokesman tells GlobeSt.com that the survey questions did not specifically address the commercial real estate sector. However, real estate figures strongly in a number of issues discussed in the survey.

Those issues include infrastructure investment, which 40% of respondents say will top their list of long-term opportunities. "While infrastructure may not offer the historic PE returns of 25% to 30%, a 15% rate of return on an infrastructure project may appear more acceptable when viewed against the significantly lower returns that have become typical in today's market," Hessing says in the release.