On this day 210 years ago, Napoleon Bonaparte began a coup d’état which overthrew the French Directory, or Government, and installed a consulate in its place, beginning the process that led to him becoming emperor.

More than two centuries later, the French buyout industry has also undergone an upheaval, albeit less violent. Having developed into one of Europe's leading markets for private equity, France and its private equity firms, which have grown in size and ambition, face difficult decisions.