Bloomberg said June 10 that one-third of private-equity dealmakers said oil and gas present the best investment opportunity for the next 12 months, and that a majority said the Standard & Poor’s (S&P) 500 Index will decline in the next six months, according to a survey.

The survey, conducted by the Private-Equity Growth Capital Council (Pegcc), showed 34% of buyout executives favoring energy over investment areas such as health care, consumer goods and financial companies. Of the 119 investors, 52% said the S&P 500 index of large U.S. companies will fall below 1,900 in six months. The benchmark closed June 9 at 1,951.27.

Private-equity firms such as Apollo Global Management LLC (NYSE: APO) and New York-based The Blackstone Group LP (NYSE: BX) are investing in energy to take advantage of the decade-long shale revolution that is unlocking oil and gas supply in North America. New York-based Apollo committed as much as $400 million to Halcón Resources Corp. (NYSE: HK), the Houston-based oil and gas exploration and production company said June 9. And Los Angeles-based Oaktree Capital Group LLC (NYSE: OAK) said it is acquiring Highstar Capital to increase investments in energy projects and infrastructure.

The executives surveyed were less bullish on the broader U.S. economy, with 42% saying heightened regulations have hampered the recovery since the 2008 financial crisis, according to Washington-based Pegcc, which represents more than 30 firms. A majority of investors said it will take more than three years for unemployment to return to about 5% from 6.3% as of May.

The online survey was conducted from May 20 through June 5.