As noted by the report's editor Vyvyan Tenorio, the formula for private equity successes in 2005 saw some alterations, which, while more lucrative than ever, have proven complicated for buyout mavens. She writes, "The abundance of capital from limited partners, leveraged finance sources, wealthy entrepreneurs and hedge funds has broken down psychological barriers: profits were generated in as little as six months in some cases through massive dividend recapitalizations, steep valuations no longer deter firms as they once did, club deals are no longer taboo and profitable companies can change private equity hands multiple times without bringing embarrassment to the last owner."

In the report's stories about selected transactions, The Deal's editors and writers indicate why each deal made this year's Private Equity Deals of the Year list:

"KKR's new big thing: Kravis and Roberts turn the industry upside down with a landmark issue in Europe. But will it work?" by David Carey. KKR offers a revolutionary initial public offering in Amsterdam of a $5 billion buyout fund.

"Finessing the fine returns: Greenfield Capital boots Telfort's valuation and paves the way for rich purchase price," by Jonathan Braude. Greenfield Capital Partners BV claims a multiple of 75 times its investment and a net IRR of more than 1,000 percent when it sells mobile network operator Telfort BV to Royal KPN NV.

"Smart fishing: After a decade, Caxton-Iseman's Anteon generates gains aplenty in defense," by Lou Whiteman. Caxton-Iseman Capital Inc.'s buyout of technology services company Anteon International gets Caxton-Iseman a 23-fold gain on its investment to General Dynamics Corp.

"Saving grace: Morgan Stanley's Mack reckons with troubled portfolio company AWAS and cuts his losses," by Vipal Monga. The higher than expected $2.5 billion sale of Ansett Worldwide Aviation Services allowed Morgan Stanley to halve its $1 billion in investment losses.

"Raising the dead: JLL's investment in New World Pasta ended in Chapter 11. But some nifty reorganization moves and a sale saved the deal," by Vyvyan Tenorio. In a rare circumstance, JLL Partners Inc. recoups a 15.4 percent internal rate of return soon after New World Pasta exists Chapter 11.

"Great lake: A Chicago boutique gambles on some Arthur Anderson veterans forming a restructuring outfit," by Vyvyan Tenorio. Lake Capital forms restructuring consultant Huron Consulting Group Inc. and sees returns translate to a 12-fold multiple.

"Little pain, lots of gain: Texas Genco's sponsors play strategic buyers against IPO for juicer outcome," by Claire Poole. While on track to raise money for an initial public offering of Houston power generator Texas Genco LLC, its owners sell to NRG Energy Inc. and receive a 6.9 times return on investment.

"Playing the cards right: The buyout backers of a once-ailing electronics payments processor cash in," by Augustin Sayer. Greenhill Capital Partners LLC sells its shares of Heartland Payment Systems Inc. and takes about $33 million in proceeds, a sevenfold gain in realized and unrealized returns.

"A whopper revival: Buyout sponsors raked in gains from Burger King LBO but management challenges have taken a toll on performance," by Lisa Gewirtz. The private equity sponsors of the Miami-based chain raised $425 million at the IPO, but taking profit aside, their work is far from over.

"High-octane investing: Like-minded oil and gas specialists tap Colorado's risky terrain and make the profits flow," by Claire Poole. Noble Energy Inc. buys natural gas explorer United States Exploration Inc. for $41 million in cash, seven times the cost.

"Bad signals, good calls: Warburg Pincus profits from Indian mobile bet despite political and economic perils," by Shu-Ching Jean Chen. Warburg Pincus invests in Baharti Telecom, becoming the first foreign private equity investors to make a sizable bet on India. The deal amounts to realizations of $1.9 billion and a 51 percent rate of return, Warburg's second-largest capital gain ever.

"Just-in-time capital: A small logistics outfit produces outsized gains for Olympus Partners," by Luisa Beltran. Olympus Partners sells Global Link Logistics Inc., a company that determines the best way for retailers to ship dry goods from China to the U.S., for $128.5 million, nine times Olympus' initial investment.

"A grown-up deal: An iconic children's clothing brand yields hefty dividends for 'parent' buyout firm Berkshire Partners," by Kelly Holman. Shedding its remaining 12 percent stake in Carter's Inc., Berkshire's secondary offering of the children's clothing brand capped its almost five year investment period with a 600 percent profit on its $125 million outlay.