Private equity firms insist they have learned their lesson. After the global financial crisis they were too slow to take advantage of all the cheap assets up for grabs. They are determined not to make the same mistake again. Some observers say they cannot afford to.

It may seem crazy to suggest that the private equity industry is under pressure. After all, firms have been deluged with money in recent years as investors have desperately searched for returns in a world of rock-bottom interest rates.