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Recent receptions to new issues have been mixed. Education Management, backed by Providence Equity, Goldman Sachs ( GS – news – people ) and Leeds Equity, is up 21% since its first closing price in early October, but Select Medical, backed by freshwater perl jewelry Goldman, Morgan Stanley ( MS – news – people ) and Bank of America ( BAC – news – people ), is down 4% since its late-September offering.

One wonders if bubble-borne balance sheets will scare off investors. Dollar General’s debt of $4.1 billion is equivalent to 54% of its capital. West Corp., a telecommunication services firm, has debt of 138% of capital (a ratio due to negative equity).

Our list of largest private companies includes only firms with freshwater pearl pendant revenue greater than $2 billion. There are only two new names on the list: Interstate Bakeries (No. 166), the maker of Twinkies and Wonder Bread, which was taken private in February by Ripplewood Holdings and General Electric  ( GE -  news  -  people ), and Pilot Travel Centers (No. 14), here by dint of a change in ownership structure.

Most of the companies on our list have no plans to change their private statuses. Many businesses like the freedom from quarterly earning expectations and reduced obligations to leisure chairs Sarbanes-Oxley reporting requirements. (Private companies with publicly traded debt must file financial statements with the Securities and Exchange Commission.)

In addition to pearl jewelry our $2 billion revenue requirement, the companies on our list have either too few shareholders to be required to file financial statements with the Securities and Exchange Commission, or have shares with ownership restricted to some group, such as employees or family members. We exclude foreign companies, companies that don’t pay income tax (like Mohegan Tribal Gaming Authority), mutually owned companies (like State Farm Insurance), cooperatives (like Central Grocers), companies with fewer than 100 employees, and companies that are more than 50% owned by another public, private or foreign company. We also leave out companies with their primary business in sterling silver jewelry auto dealerships or real estate investment and/or management.

Whenever possible, our revenue figures for each company exclude sales of publicly traded subsidiaries. For example, our $106.3 billion revenue estimate for Cargill excludes $10.3 billion in revenue for its publicly traded subsidiary The Mosaic Co. ( MOS – news – people ).

Our data sources include voluntary disclosures by companies, Securities and Exchange Commission filings and akoya pearl jewelry estimates from Forbes researchers and outside sources.

You can browse through our list of America’s Largest Private Companies by rank, name, state, industry, revenue and number of employees.

For years endowments led by the pearl jewelry likes of Harvard University and Yale University rushed into private equity investments to boost returns, but the global financial crisis has caused many endowments, particularly larger ones, to shift their strategy.

According to a survey report released on Wednesday, 57% of responding endowments altered their private equity strategies as a result of the financial crisis by such things as reducing their allocation and future commitments. Some 9% of responding endowments indicated they were completely postponing making investments in private equity over the next year and 14% planned to decrease their private equity allocation over the long term.

”Although endowments’ attitudes toward private equity have been significantly affected by the global financial crisis, in general, they are still seeking to freshwater pearl invest in the asset class,” said the seven-page report. ”Future investments will be reviewed under a more stringent due diligence process.”

The report was prepared by Preqin, a London-based research group that conducted the survey with 100 endowments, mostly from the U.S.

Illiquid private equity holdings that still require large future investment commitments have become a headache for many endowments amid the freshwater pearl jewelry credit crisis.

Stanford University’s endowment, staring at $6.1 billion of unfunded future capital commitments, is currently trying to sell up to $1 billion of private equity stakes on what appears to be a strengthening secondary market for such assets. Stanford’s is, however, trying not to abandon its private equity funds and trying to sell only fractional parts of its pearl jewelry current holdings.

Harvard University has already sold a chunk of its private equity holdings, helping to reduce its future capital commitments to illiquid partnerships by roughly $3 billion. Harvard recently reported that in its fiscal 2009 the private equity portfolio lost 31.6%.

”Private equity has been a top-performing asset class over the past 10 years and will remain part of the portfolio,” Jane Mendillo, who heads Harvard’s endowment, said in a statement to Forbes. Mendillo also bought private equity assets on the secondary market in cultured freshwater pearl the last year.

The euphoria many endowments have had for private equity resulted in the average endowment, pre-crisis, allocating 11.8% of assets to private equity, above the average allocation for all types of institutional investors, which stands at 8.8% today.

But it was the larger endowments that led the charge and now, according to Preqin, they are the first to retreat. ”The larger endowments, those in the $750 million or  freshwater pearl pendant more bracket, had the largest proportion of respondents planning to reduce their commitments,” says Preqin.

On April 30, Chrysler filed for pearl jewelry Chapter 11 bankruptcy protection from its current creditors. As such, Chrysler will be able to operate as a going concern, while the company renegotiates its debt structure and other obligations. The U.S. government has described Chrysler’s action as a “prepackaged surgical bankruptcy,” through which it hopes the company will be able to exit the bankruptcy process within 30 to 60 days.

If Chrysler achieves this, it will emerge with a new global partnership with the Italy-based Fiat ( FIA – news – people ). Instead of cash, Fiat will provide the equivalent of billions of dollars in research- and investment-related (R&D) investments for a 35% stake in the new Chrysler. However, many experts think a quick trip into (and out of) bankruptcy might be unrealistic.

In the administration’s view, cost cuts–implemented by Cerberus and the new management brought in by Bob Nardelli, who cut into akoya pearl necklace Chrysler’s R&D budget and new product development–left Chrysler, the smallest of the Detroit automakers, with a very thin line up of new vehicles.

The Obama administration set partnering with Fiat as a precondition for any further government assistance. Nevertheless, Chrysler was unable to avoid the bankruptcy process, because some creditors balked at the terms being offered in the proposed debt-to-equity swap by the freshwater pearl pendant government.

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